It’s been nearly a full year since US President Donald Trump imposed sweeping tariffs, and the true cost to the automotive industry is coming into focus. The financial impact is no longer theoretical. It’s now showing up, line by line, in automakers’ results.
An Auto News analysis of financial filings by from major carmakers shows that tariffs have cost at least $35.4 billion since their introduction, although the burden varies widely between companies. Toyota, the world’s largest car manufacturer, expects the tariffs to cost it $9.1 billion in its 2026 fiscal year ending March 31.
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