Toyota's profit fell by 37% due to U.S. tariffs

Description

Toyota’s Q2 earnings showed a 37% fall in profit to 842 billion yen ($5.7 billion), primarily driven by the U.S. tariffs. The Trump tariffs accounted for an estimated annual cost of $9.5 billion. The Japanese automaker has effectively revised its yearly profit forecast down by 600 billion yen to 3.2 trillion yen. The automaker anticipates a 1.4 trillion yen ($9.5 billion) annual hit from levies imposed by the U.S. on product exports/imports. It announced a quarterly profit of 841 billion yen ($5...