Toyo Tire Slides as US Tariffs, Costs Weigh on Earnings

Toyo Tire Corp. shares plunged after third-quarter operating profit missed estimates, weighed by US tariffs and higher raw material costs. Shares fell as much as 6.2% in Tokyo.

Tariffs cost the tiremaker ¥4.8 billion ($31 million) between July and Sept., Toyo said in a statement Wednesday. “We need to continue to pay close attention to the risk of an economic downturn due to US tariff policies, rising prices and fluctuations in financial and capital markets,” the company said.

Toyo will continue to take measures including price shifting to mitigate tariff impact, a spokesperson told Bloomberg News.

While Toyo raised ...