June quarter and it lowered its full year earnings forecasts, largely because of President Donald Trump’s tariffs.

The world's top-selling car maker also cut by 16% its forecast for full-year operating profit, reflecting challenges for global manufacturers grappling with rising costs from U.S. levies on cars, parts,

Toyota warned Thursday that Trump’s auto tariffs could cost the company nearly $10 billion, the steepest estimate yet among global carmakers, according to CNN. The company slashed its full-year operating profit forecast by 16% and reported a first-quarter operating loss in North America after absorbing $3 billion in tariff-related costs.