Japanese car manufacturer Honda Motor announced on Tuesday that it anticipates a substantial 58.8 percent decrease in operating income for the ongoin

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.

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 automaker’s somber forecast for the fiscal year underscored how quickly fortunes had turned for many companies reckoning with President Trump’s tariffs.

Nissan unveiled sweeping new cost cuts Tuesday, saying it would eliminate 11,000 more jobs and scale back production, capping a tumultuous year that has left the Japanese automaker fighting to turn itself around.

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.