Toyota will keep running its operations as it has been and focus on bringing down fixed costs, it said on Monday, not expressing any intention to raise vehicle prices in response to U.S. President Donald Trump's tariffs.

President Donald Trump enacted April 3 sweeping 25% tariffs on vehicles "not made in the U.S." — jolting global automakers and spurring concerns about the impact on sticker prices that already have jumped significantly in recent years. The tariffs will also affect vehicles that are made in the U.S. because they include imported auto parts.

Anderson Economic Group says the impact of auto tariffs on U.S. consumers could be $30 billion in the full first year.

The U.S. was Toyota’s largest market in 2024, with a volume of 2.3 million vehicles sold. As of now, the automaker has expressed no intention to alter its pricing strategy in response to the new tariffs, choosing instead to focus on reducing fixed costs.

Car companies like Ford and Dodge-owner Stellantis are responding to Trump's auto tariffs with discounts, fees, and production stoppages.