Toyota cites Trump tariffs as it forecasts 35% drop in 2025-26 net profit

Toyota CEO Koji Sato announces the firm's financial results during a news conference in Tokyo on Thursday. | REUTERS

Wires
May 8, 2025

Toyota on Thursday forecast a 35% year-on-year drop in net profit for 2025-26, citing U.S. President Donald Trump's vehicle tariffs among other factors.

Carmakers have been among the hardest-hit by Trump's multipronged assault on free trade.

On top of a 25% tariff already placed on finished imported cars, the Trump administration on Saturday imposed a similar duty on auto parts including engines and transmissions.