Toyota Motor expects profit to decline by a fifth in the current financial year, it said on Thursday, as weakness in the U.S. dollar and the impact of President Donald Trump's tariffs weigh on the world's largest automaker.

The automaker’s somber forecast for the fiscal year underscored how quickly fortunes have turned for many companies reckoning with President Trump’s tariffs.

Toyota Motor Corp. said US President Donald Trump’s tariffs will result in a ¥180 billion ($1.3 billion) hit to operating income in just two months, with the Japanese carmaker joining a growing list of companies grappling with the fallout of trade turmoil.