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.

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

The Japanese carmaker projected lower annual profit after reporting a drop in fourth-quarter earnings, with U.S. tariffs and higher material costs expected to cut into its bottom line.