Toyota Motor Corp. is the biggest carmaker in the world — and also the auto industry’s biggest loser when it comes to projected losses from US President Donald Trump’s trade war.
Duties on imported cars and auto parts forced General Motors Co. to slash its full-year profit guidance by as much as $5 billion while Ford Motor Co. is bracing for a $1.5 billion annual hit. Toyota sees a $1.2 billion profit drop in just two months. While the Japanese automaker didn’t provide a tally for all of 2025, it did project operating income of ¥3.8 trillion ($26.1 billion) for the fiscal year ending March 2026 — far below the ¥4.7 trillion expected by analysts.
While Toyota has increased local production in the US to more than half of sales in the country, it still relies on imports of key vehicle parts and models — to the tune of some 1.2 million cars a year. The White House has noticed, with Trump calling out the Toyota City-based automaker by name during his contentious Liberation Day speech in the Rose Garden on April 2. He complained about Toyota’s “one million foreign made automobiles” sold in the US.
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