TOKYO (AP) — Toyota’s profit plunged 37% in the April-June quarter, the company said Thursday, cutting 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 Motor reported a drop in first-quarter net profit and cut its annual profit forecast due to U.S. tariffs, expecting a $9.5 billion hit from levies.The Japanese carmaker said Thursday that net profit fell 37% from a year earlier to 841.