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

By YURI KAGEYAMA Associated Press Business Writer TOKYO AP Toyota informed a year-on-year drop in profit for April-September on Wednesday as U S President Donald Trump s tariffs slammed Japanese automakers Related Articles Wall Street gains ground amid steady flow of earnings reports upbeat economic updates Why I stayed with the same mediocre big bank for -plus years Young homebuyers lose more ground in housing industry as states struggle to help Pizza Hut s parent company says it s considering selling the chain Trump administration and private investors sign off on billion deal with rare earth startups Net profit for the April-September period at Toyota Motor Corp totaled trillion yen billion down from 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 to trillion yen billion citing better van sales and cost-cutting efforts The forecast would represent a drop from the trillion yen profit Toyota communicated for the last fiscal year It had earlier forecast trillion yen billion in profit for this year Although tariffs are hurting its business Toyota noted its sales grew in the U S and its home area of Japan U S tariffs on Japanese automobiles and auto parts fell to in September from the rate Trump initially ordered after returning to the White House That s much higher than the original Japan s exports to the U S including vehicles have plunged not long ago But Toyota disclosed its efforts such as bigger sales better model mix and cost cuts will add more than billion yen billion to the company s bottom line in this fiscal year Despite the impact of U S tariffs we have continued to build upon our improvement efforts such as increasing sales volume improving costs and expanding value chain profits it explained in a comment Members of the media and guests look at Toyota s Corolla concept during the press day of the Japan Mobility Show in Tokyo Thursday Oct AP Photo Louise Delmotte During the six months through September it sold more than million vehicles in North America and vehicles in Japan First half sales grew to trillion yen billion For the latest quarter through September Toyota stated a rise in profit to billion yen billion on trillion yen billion in sales up on year