Toyota reports a 37% drop in profit, cuts its forecast due to Trump's tariffs

TOKYO — Toyota’s profit plunged 37% in the April-June quarter, the company said Thursday, cutting its full year earnings forecasts largely because of President Donald Trump’s tariffs.

The Japanese automaker said it based its report on the assumption that Trump’s tariffs on exports from Japan, including autos, would be 12.5% starting this month. As of now they stand at 15%.