Toyota Faces Biggest Hit From Trump Tariffs Among Auto Companies
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.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
7 minutes ago
- Yahoo
Michigan Gov. Whitmer makes another White House visit to meet with Trump
WASHINGTON (AP) — Michigan Gov. Gretchen Whitmer met with President Donald Trump at the White House on Tuesday to discuss the toll tariffs are taking on the auto industry and the potential effects of his tax and spending bill on Medicaid. It's the latest in a string of meetings between the Democratic governor and the Republican president after the two frequently clashed during his first term. In his second term, Whitmer has adopted a more diplomatic approach, drawing some backlash from fellow Democrats. But it's also resulted in multiple wins for Whitmer's state, including Trump's approving $50 million in storm relief and awarding a new fighter jet mission for an Air National Guard base in the state. 'I've always said that I'll work with anyone to get things done for Michigan,' Whitmer, a potential 2028 presidential candidate, said in a statement Tuesday. 'That's why I've continued to go to Washington, D.C., to make sure that Michiganders are front and center when critical decisions are being made.' The private meeting between Whitmer and Trump — which a White House official would not confirm but did stress Trump's continued focus on Michigan — marks a rare instance of the president sitting with a leading Democratic figure. In recent weeks, Trump attacked Senate Democratic leader Chuck Schumer, telling him to 'go to hell," while also taking aim at other high-profile Democratic governors who have pushed back on some of his policies, including California's Gavin Newsom and Illinois' JB Pritzker, also considered possible 2028 candidates. Pritzker has aided Texas Democrats in leaving their state to stay in Illinois to block Republicans from their needed quorum to pass a new congressional map backed by Trump. Early Tuesday, Trump called Pritzker 'probably the dumbest of all governors' in a television interview. Whitmer has been more careful, criticizing some of Trump's policies rather than the president himself. She issued an executive directive last week to assess the impact of tariffs that she said have led to 'massive economic uncertainty' — without mentioning Trump's name once. Tuesday's appearance ended with far less controversy than her trip to the White House in April. Whitmer was unexpectedly ushered into the Oval Office during that visit, standing awkwardly nearby as the Republican president signed executive orders and assailed his political opponents during a photo opportunity. In their White House meeting Tuesday, Whitmer said that she told Trump and 'his team about the impact tariffs are having on Michigan's economy, especially our auto industry.' She also discussed 'changes in the Medicaid program, and ongoing recovery efforts following the ice storm in Northern Michigan this year." Whitmer also saw Secretary of State Marco Rubio, Defense Secretary Pete Hegseth and chief of staff Susie Wiles while at the White House. Trump announced last month that he had spoken with Whitmer to inform her that he was appproving $50 million in federal funds for Michigan to support repairs and recovery from a March ice storm. In April, Trump traveled to Michigan to announce a new mission for Selfridge Air National Guard Base, which Whitmer has sought for years.
Yahoo
7 minutes ago
- Yahoo
Apple supplier Skyworks forecasts upbeat quarterly results on strong chip demand
(Reuters) -Apple supplier Skyworks Solutions forecast fourth-quarter revenue and profit above Wall Street expectations on Tuesday, benefiting from steady demand for its analog chips amid economic uncertainty, sending its shares up around 10% in extended trading. Demand for Skyworks' chips has remained strong, supported by their applications across industries such as automotive and mobile, even as global trade tensions raise concerns over supply chain disruptions and rising costs. "We're encouraged by the momentum in mobile and steady strength across our broad markets, driven by long-term growth trends in edge IoT, automotive and data center," CEO Phil Brace said. Skyworks designs and manufactures analog and mixed-signal chips used in wireless communication, automotive, industrial and consumer electronics. Earlier this year, the company named insider Robert Schriesheim as interim finance chief, after Mark Dentinger, who was initially set to assume the role, decided not to join. Skyworks forecast fourth-quarter revenue between $1 billion and $1.03 billion, compared with analysts' estimates of $887.4 million, according to data compiled by LSEG. The company expects fourth-quarter adjusted earnings per share of $1.40, ahead of analysts' expectations of 97 cents per share. For the third quarter ended June 27, Skyworks reported revenue of $965 million, beating expectations of $940.9 million. Profit per share for the quarter came in at 70 cents, compared with 75 cents per share a year earlier. Inicia sesión para acceder a tu portafolio
Yahoo
7 minutes ago
- Yahoo
Brazil, Japan beef talks focus on smaller Brazilian states, upsetting industry
By Ana Mano and Marcela Ayres SAO PAULO (Reuters) -Ongoing talks to open the Japanese market to Brazilian beef are focusing on supplies from three small Brazilian exporting states, upsetting other parts of the South American country's industry that are eager to reach the high-paying customers, according to multiple sources. Brazil, the world's biggest beef exporter, has tried for two decades to crack the Japanese market without success. A deal would give Japan an alternative to its top suppliers, the United States and Australia, at a time when U.S. tariffs are reshaping global food trade. Negotiations gained momentum after a state visit of Brazil's President Luiz Inacio Lula da Silva in March to Japan, one of the world's largest beef importers. But the current state of talks, which focus on states representing less than 4% of Brazil's exports by volume, worries meatpackers in the big beef-producing states of Sao Paulo, Mato Grosso, Mato Grosso do Sul, and Para. Together, they accounted for nearly 60% of Brazil's total beef exports, or 1.72 million metric tons last year. A Brazilian government memo, issued after a technical visit by Japanese officials in June, showed Brasília answered "a questionnaire for the import of beef from the southern part of the Republic Federation of Brazil," naming Rio Grande do Sul, Parana, and Santa Catarina. Those three small exporting states were declared free of foot-and-mouth, a contagious viral disease in cattle, earlier than the other states, although Brazil acquired in May the national status of being free of the disease without vaccination from the World Organization for Animal Health. Brazil's last outbreak of the disease was in 2006, according to the government. The Brazilian Agriculture Ministry did not have an immediate comment on its talks with Japan. A local government source, who asked not to be named, confirmed talks were taking place by region. The person said Brazil initially has no plans to negotiate permits beyond the three states. Beef sector representatives, including exporters, told Reuters they hope more states will be included. "We know talks are difficult," said Paulo Mustefaga, head of beef lobbying group Abrafrigo, which represents Marfrig and smaller beef exporters. "The surprise for us is that this is now moving towards approval for only three states." Japan's Ministry of Agriculture, Forestry and Fisheries said it was aware of Brazil's status of being free of foot-and-mouth disease. It added that Japan is "conducting a risk assessment in accordance with Japanese procedures" ahead of issuing any export permits to Brazilian meatpackers, without elaborating. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
