TOKYO >> Nissan Motor said today it expects to book a 275 billion yen ($1.82 billion) in annual operating losses due to the impact of U.S. tariffs and warned that supply chain risks would be the biggest headwind in its fiscal second half.

The automaker expected the hit from tariffs would be 25 billion yen smaller in the second half of the fiscal year to March 2026, as Japan reached a trade deal with the U.S. that has lowered levies on Japanese cars to 15%.

Japan’s third-largest automaker has also put in place mitigation measures to reduce the impact of the tariffs, Nissan Chief Financial Officer Jeremie Papin told reporters, without elaborating.

Papin, however, cautioned that its free cash flow would not be positive in the full year due to various supply chain risks.

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