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.

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

Honda Motor reported a 50% drop in first-quarter operating profit on Wednesday, as a stronger yen and the impact of U.S. President Donald Trump's tariffs took its toll, but the company raised its full-year forecast.