The US Government won't try to get rid of Toyota. There just isn't any real justification for that, and besides no one wants to lose all the jobs in Toyota factories in the US. Despite being a Japanese brand, most Toyotas sold in the US are built in the US. It's just cheaper to build them here than it is to make them in Japan and pay duty and the cost of shipping them all the way across the Pacific ocean.
They will make them fix the problem though, and Toyota will probably get fined if they did anything wrong, like try to cover up the problem.
Americans tend to get rather bent out of shape over safety problems like this, even though safety recalls happen on a fairly regular basis. The only things that are special about this one are the number of vehicles involved and the way the defect kills people is more scary than usual.
The posturing by assorted government officials is just politics as usual. Since people don't like the idea that a company might get away with building defective cars, they can score political points by talking tough and acting like they're going to "get" Toyota. This sort of thing happens every time a company does something bad.
This will hurt Toyota's reputation, but that will blow over eventually as long as they don't keep making mistakes. It will cost them a lot of money in lost sales and repair costs, but it won't be enough to really damage the company. Toyota may also lose the #2 in US market sales spot to Ford, but that might have happened anyway. Toyota moved into the #2 spot just a couple years ago, and they weren't that far ahead. Also, Ford has been launching some really great stuff lately with more on the way.
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