Japanese automaker Toyota said President Trump's tariffs would cost the company $1.3 billion in just two months. Toyota highlighted the levies' hit to profits at a press briefing on Thursday on its fiscal year which ended March 31,

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

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.