Japan’s largest companies have said tariffs planned by the Trump administration could erode annual profits by tens of billions of dollars, with the probability of a bigger impact in the event of a US recession.
Groups including Toyota, Sony and Mizuho could suffer a total hit as high as ¥4tn ($27.6bn), according to Financial Times calculations based on company guidance during the current full-year earnings season.
The total could rise, with many companies refusing to provide estimates, citing “extreme uncertainty”, and some still to report.
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