Japanese automakers were handed a reprieve when President Donald Trump said he would lower tariffs on Japan to 15% from 25%.

Honda has reported its profit in the last quarter was half of what it was a year earlier, as automakers were hit by 25% tariffs on vehicle exports to the United States.

U.S. President Donald Trump's tariffs are cleaving Japan Inc, as some big exporters like Toyota Motor slash their profit forecasts while Sony and Honda are among those saying the impact will be less than they had feared.