The automaker’s somber forecast for the fiscal year underscored how quickly fortunes had turned for many companies reckoning with President Trump’s tariffs.

Uncertainty around Trump's tariffs and their implication for global trade have weighed on the dollar. For Toyota, a weaker dollar means less profit when U.S. earnings are brought home.

Toyota Motor Corp. said US President Donald Trump’s tariffs will result in a ¥180 billion ($1.3 billion) hit to operating income in just two months, with the Japanese carmaker joining a growing list of companies grappling with the fallout of trade turmoil.