Honda has assured Canada that no jobs will be lost and it is committed to major electric vehicle investments in the country, Industry Minister Melanie Joly said on Wednesday, in the wake of the Japanese carmaker announcing it would put on hold a plan to build an EV supply chain in Canada.

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Honda has reported its profit for the fiscal year through March slipped 24.5% from the previous year as its vehicle sales in China dropped.

Honda Motor Co. is expecting a ¥450 billion ($3 billion) hit to its full-year profit as it braces for the fallout of US President Donald Trump’s auto tariffs, joining rivals reeling from the trade war.

Japanese auto giant Honda missed fourth-quarter earnings estimates as operating profit plunged 76%, with the company bracing for the full impact of U.S. tariffs. Honda's fourth quarter ends March 31.

Honda is the latest automaker to warn of a massive hit to its profits as a result of President Trump's auto tariffs.

Honda's forecast is the latest signal of the difficulty car makers are having navigating tariffs alongside the rise of Chinese EV producers.

During the announcement of its 2024-2025 fiscal year financial results on May 13, Honda CEO Toshihiro Mibe stated that in the current fiscal year, which began on April 1 and will end on March 31 next year, Honda expects the impact of the Trump Administration’s tariff policy to hammer 650 billion yen (~$4.34 billion) off its operating profits.

Tariffs could cost Japan's second-largest automaker up to 650 billion yen this financial year—equivalent to $4.4 billion and almost half last year’s profit. Reporting results Tuesday, Honda forecast a roughly two-thirds slide in operating profit for the year through March 2026,

U.S. equities were mixed at midday, with tech shares and a better-than-expected consumer inflation report lifting the S&P 500 and Nasdaq.

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Two major Japanese automakers have warned that earnings will be hit hard by U.S. tariffs, underlining the risk of an industrywide downturn that could stunt Japan’s economic recovery.