Toyota said on Thursday that President Trump’s proposed tariffs on steel and aluminum would cause an increase in the price of cars and trucks sold in the US.

The company said from their Tokyo headquarters that 90 percent of the steel and aluminum that they purchase for cars manufactured in the US is bought from Japan.

“The administration’s decision to impose substantial steel and aluminum tariffs will adversely impact automakers, the automotive supplier community and consumers,” the automaker told Reuters.

Earlier on Thursday, Trump announced tariffs of 25 percent on steel and 10 percent on aluminum, key materials for the auto sector.

Trump’s tariff announcement caused the Dow Jones Industrial Average to drop slightly and elicited negative responses from both Democrats and Republicans.

With Wires