Toyota has warned operating profits will fall 21 per cent this fiscal year due to the fallout from Donald Trump’s trade war, increasing the pressure on Japan to reach a deal on tariffs with the US.
For its year ending in March 2026, Toyota said it expected an operating profit of ¥3.8tn ($26bn) compared with ¥4.8tn in the year just ended. The forecast includes a US tariff impact of ¥180bn for the months of April and May.
The US president has recently offered relief to carmakers to soften the impact of his 25 per cent tariffs on imports of foreign-made cars and parts. Toyota and other Japanese manufacturers export some of the vehicles they sell in the US from Japan.
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