President-elect Trump has threatened Toyota with border taxes on a new Mexican factory that will produce cars for the U.S. market. He identified the wrong factory, and in any event it will displace Canadian production not U.S. plants. Toyota so far has followed a different strategy to its Japanese peers. Panjiva data shows 85% of its exports to the U.S. are parts, whereas for Nissan 92% are completed autos and for Honda 91% are finished cars. It is also the smallest of the big seven automakers in exports of cars from Mexico to the U.S., and is just 8% the size of Ford, the largest export...