Toyota reports a drop in profit as Trump’s taxes hurt Japanese automakers

By YURI KAGEYAMA, Associated Press Business Writer

TOKYO (AP) — Toyota reported a 7% year-on-year drop in profit for April-September on Wednesday, as U.S. President Donald Trump’s tariffs slammed Japanese automakers.

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Net profit for the April-September period at Toyota Motor Corp. totaled 1.77 trillion yen ($11.5 billion), down from 1.9 trillion yen a year earlier.

But the maker of the Camry sedan and Lexus luxury models lifted its profit forecast for the full fiscal year ending in March 2026 to 2.93 trillion yen ($19 billion), citing better vehicle sales and cost-cutting efforts.

The forecast would represent a 38.5% drop from the 4.77 trillion yen profit Toyota reported for the last fiscal year. It had earlier forecast 2.66 trillion yen ($17 billion) in profit for thi