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

Japanese automaker underscores impact of Trump's tariffs on imported vehicles by outlining hefty hit to profits.

Toyota released a report Thursday projecting that President Trump’s sweeping tariffs, including automobile import taxes, would result in a $1.3 billion drop in profits for April and May. Trump earlier this year proposed a 25 percent tariff on foreign vehicles and car parts.