Japanese officials have defended Toyota’s contribution to the US economy after Donald Trump threatened to impose a “big border tax” on the carmaker if it went ahead with plans to open a new plant in Mexico.

Trump’s tweet was followed by Toyota shares dropping more than 3% in morning trade in Tokyo on Friday. Shares in Nissan and Honda also fell as unease in Japan grows over the effects Trump’s “America first” economic policy could have on cross-Pacific trade.

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