Japanese automakers Toyota and Honda take a big hit from Trump's tariffs

President Donald Trump said he would lower tariffs on Japan, but the impact of his tariff policy continues to shake Japan's auto industry. Toyota said in its earnings report on Thursday that it expected Trump's auto tariffs to reduce its operating income for the 2026 fiscal year by 1.4 trillion Japanese yen, or $9.5 billion. That's 1.2 trillion Japanese yen higher than what it had initially forecast.Toyota said the tariffs caused its operating income for the North American market to decline. The company ci ...