Table of Contents
- Trump’s Bold Announcement in Tokyo
- Toyota’s Official Response
- Understanding the $10 Billion Context
- Broader Japanese Investment Pledges
- Political and Economic Implications
- Sources
Trump’s Bold Announcement in Tokyo
During his recent state visit to Japan, former President Donald Trump made headlines by claiming Toyota Motor Corporation had committed to a $10 billion investment in new U.S. auto plants. Speaking at a high-profile business dinner in Tokyo and later reiterating the claim in South Korea, Trump credited his trade policies for securing what he described as a major win for American manufacturing.
“They’re going to be building plants throughout the United States,” Trump declared, standing beside Japanese business leaders who had just shaken his hand and held up project documents.
Toyota’s Official Response
Within hours, Toyota pushed back—gently but firmly. Hiroyuki Ueda, a senior Toyota executive, clarified that the company had not announced any new $10 billion investment plan.
“I suspect that is how the figure of around $10 billion may have emerged,” Ueda said, referencing past investments rather than new commitments.
Toyota confirmed it is “considering” importing U.S.-made vehicles to Japan—a move Trump touted as a breakthrough—but stopped short of confirming any firm plans.
Understanding the $10 Billion Context
The $10 billion figure isn’t fictional—it’s just not new. During Trump’s first term (2017–2021), Toyota invested approximately $10 billion in its U.S. operations. The company told U.S. officials before Trump’s 2025 visit that it intends to maintain a similar investment pace under current conditions, whether under Trump or Biden.
This continuity was apparently misinterpreted—or repackaged—as a fresh pledge. As North Carolina Governor Josh Stein noted, “Toyota’s investment decisions follow much deliberation.” The automaker’s battery plant in North Carolina, for example, began site scouting in 2020 and only started production in 2025.
Broader Japanese Investment Pledges
Trump and Commerce Secretary Howard Lutnick claimed a total of $490 billion in new Japanese investments during the Tokyo summit, tied to a supposed U.S.-Japan trade agreement involving $550 billion in U.S. economic commitments.
However, Japan’s Ministry of Economy, Trade and Industry (METI) published a far more cautious list, describing many projects as “under consideration.” For instance, a proposed $100 billion nuclear reactor initiative listed Toshiba as a potential participant—but only “considering involvement.”
| Company | Claimed by Trump Admin | Actual Status (per Japan) |
|---|---|---|
| Toyota | $10B new auto plants | No new announcement; continuing prior-level investment |
| Toshiba et al. | $100B nuclear reactors | “Considering involvement” |
| Nissan | Expanding U.S. models | Exploring options; focusing on existing plants |
Political and Economic Implications
The episode highlights the delicate dance between political optics and corporate reality. While Trump’s team framed the visit as a triumph of “tariff-driven diplomacy,” Japanese officials and executives emphasized long-term planning, regulatory stability, and mutual benefit—not sudden policy-induced pledges.
Toyota Chairman Akio Toyoda did thank Trump for fostering a “business-friendly environment” in the U.S., and the two exchanged warm remarks. But the automaker’s careful wording suggests a desire to stay neutral amid U.S. political turbulence.
For states like North Carolina, attracting foreign investment hinges on predictability—not photo ops. “When they come, there’s going to be stability,” Governor Stein stressed during his Tokyo visit.
Sources
The New York Times: Toyota Says $10 Billion U.S. Investment Touted by Trump Isn’t New
