Toyota: Trump tariffs will cost $1.3B over 2 months

Toyota released a report Thursday projecting that President Trump's sweeping tariffs, including automobile import taxes, would result in a $1.3 billion drop in profits for April and May.

Trump earlier this year proposed a 25 percent tariff on foreign vehicles and car parts. Toyota, a Japanese-owned company, would be subject to any vehicle taxes — likely resulting in a trim to the manufacturer's earnings, per a financial summary.

At the end of April, the U.S. said it would spare...