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.

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

Carmakers are likely to face higher costs regardless of how they respond to President Trump’s 25 percent tariffs on cars and auto parts.

Japan has been emphasizing the investment that its firms have made in the U.S. economy, in its bid to secure tariff exemptions. The Asian nation has been a promoter of free trade, salvaging negotiations on a trans-Pacific free trade deal from collapse after the United States withdrew during Trump's first term.

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Stocks of hybrids are low at Toyota dealers across major markets, including the U.S., Japan, China and Europe.

A strong U.S. security ally with a large trade surplus, Japan has few options for retaliating against the tariffs. Instead, it is bracing for an economic hit.

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.