Toyota is sounding the loudest warning bell yet about tariffs. The automaker said it expected its profits to be $9.5 billion lower this year because of the Trump tariffs on cars imported to the U.S. Other major automakers have also warned of multi-billion dollar hits.

Toyota has reported its profit plunged 37% in the April-June quarter and it lowered its full year earnings forecasts, largely because of President Donald Trump’s tariffs

The world’s largest automaker is also the one paying the most in President Trump’s trade war. For the quarter through June, Toyota Motor's bill from higher tariffs was 450 billion yen, equivalent