Toyota has joined Ford in pledging a $1 million donation to support President-elect Donald Trump’s inauguration, as reported by The Hill, Newsweek reports.
This donation follows Ford’s announcement earlier in the week of a similar contribution. The inauguration fund, which helps finance the inauguration events and associated activities, has seen significant support from various corporations and individuals.
Both automotive companies, along with tech giants like Meta, Amazon, and OpenAI CEO Sam Altman, have made large donations to the fund. These contributions appear to be part of a broader strategy to establish a positive relationship with the incoming administration, particularly in light of potential policy changes that may affect industries such as automotive manufacturing.
Trump’s stance on trade, including plans to impose tariffs on goods from countries like China, Canada, and Mexico, could impact automakers’ profits. According to a recent report from S&P Global, these tariffs could lead to a 17 percent decrease in profits for the auto industry. As such, it’s possible that these donations are efforts to gain favor with the president-elect ahead of the implementation of his policies.
In addition to the automotive companies, other high-profile figures, including Meta CEO Mark Zuckerberg and Amazon, have also pledged significant amounts to the inauguration fund. Despite some criticism, these donations reflect an attempt to align with the incoming administration’s agenda.
Ford and Toyota have not commented publicly on the specifics of their donations beyond the $1 million commitment, but industry experts suggest that maintaining a strong working relationship with the Trump administration could be crucial for companies in sectors potentially impacted by trade policies.
