Toyota is sounding the loudest warning bell yet about tariffs. The automaker said it expected its profits to be $9.5 billion lower this year because of the Trump tariffs on cars imported to the U.S. Other major automakers have also warned of multi-billion dollar hits.

As tariffs begin to roll out, Toyota is warning investors that the levies will cut deeply into its profits this year.

The world’s largest automaker on Thursday said it expected its profits to be $9.5 billion lower this year because of the Trump tariffs on cars imported to the U.S. That’s the highest impact estimate any company has given to date.

The company also said it was cutting its full-year operating profit forecast by 16%.

Toyota now says it expects an operating profit of $21.7 billion.

A trade deal secured las

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