Japan has reported its exports fell in May as shipments of autos to the U.S. dropped nearly 25% from a year earlier due to higher tariffs imposed by President Donald Trump.

Toyota, Honda, Subaru and other Japanese carmakers brace for a profit hit of more than $19 billion as economists flag the risk of a recession and a setback for key wage cycle

Japanese Prime Minister Shigeru Ishiba met U.S. President Donald Trump on Monday on the sidelines of the G7 summit in Canada, as Tokyo urges Washington to drop auto import tariffs that threaten to hobble its economy.