Japanese automaker underscores impact of Trump's tariffs on imported vehicles by outlining hefty hit to profits.

Toyota is facing a staggering $1.2 billion tariff bill, and that sum only includes tariff costs for April and May.The Japanese automaker released financial results on May 8, which the company said "tentatively factored in" the estimated costs of the Trump tariffs.

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