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.

For the financial year ended March, Honda posted revenue of 21.69 trillion yen ($146.63 billion), marking a 6.2% year-on-year increase. Operating profit fell 12.2% to 1.21 trillion yen ($8.18 billion), while net profit declined 24.5% to 835.84 billion yen ($5.65 billion).

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.