Toyota to donate $1 million to Trump inauguration

President-elect Trump’s inauguration is getting $1 million from Toyota Motor North America.

A spokesperson for Toyota confirmed the inauguration donation to The Hill on Tuesday.

Toyota joins Ford and a number of other companies in pledging significant donations to Trump's inauguration. Ford is reportedly donating $1 million.

Meta and Amazon both handed over seven-figure donations of their own to the president-elect’s inaugural fund last week. Open AI CEO Sam Altman has also said he would give $1 million out of his personal wealth.

A report from S&P Global released in late November found U.S. and European carmakers could lose a maximum of 17 percent of their combined annual core profits in the case of steep tariffs on Europe, Canada and Mexico. 

Last month, Trump said he would issue an executive order imposing fresh tariffs at the start of his next term on Chinese, Canadian and Mexican goods.

The president-elect said on Truth Social that he would enact 25 percent tariffs on Canadian and Mexican goods, while adding an extra 10 percent tariff on Chinese goods. The aim of the tariffs, according to Trump, is to press the countries to increase their efforts on border security and combating fentanyl exports to the U.S.

“Both Mexico and Canada have the absolute right and power to easily solve this long simmering problem. We hereby demand that they use this power, and until such time that they do, it is time for them to pay a very big price!” Trump said on Truth Social.