Honda predicts a 59% drop in profits for the current fiscal year due to new tariffs imposed by U.S. President Donald Trump, reports Reuters. The company is also suspending plans to build an electric vehicle supply chain in Canada.

In the fiscal year ending March 31, Honda Motor Co. reported a 24.5% decline in net profit, while operating profit fell by 12.2%, Azernews reports.

The Japanese automaker confirmed it would cut 11,000 more jobs and slim down production.Nissan also saw its profit almost wiped out in the year that just ended.Operating profit hit $472 million in the 12 months to March - a decline of 88% from the previous year.

Japan's Honda Motor Co. announced its earnings outlook for fiscal year 2025, projecting a sharp 70.1-percent decline in net profit to 250 billion yen

Honda Motor ( NYSE: HMC) announced on Tuesday a two-year postponement of its ambitious $15 billion electric vehicle investment project in Ontario. The Japanese automaker pointed to a slowdown in global EV demand and mounting economic uncertainty linked to new U.S. tariffs on imported vehicles.