Japan’s exports fell for the fourth consecutive month as U.S. President Donald Trump’s tariffs continued to cloud the prospects for global commerce, especially for trade involving the United States.

Exports slipped 0.1% in August from a year earlier, led by cars and steel, the Finance Ministry reported Wednesday. That compared with a 2.0% fall forecast by analysts. Japan saw the largest drop in the value of shipments to the U.S. in more than four years.

Overall, Japan’s trade balance was in the red, with a ¥242.5 billion ($1.7 billion) deficit. Imports declined by 5.2%, compared with the consensus estimate of a 4.1% retreat.

The latest slide in Japan’s exports comes as companies around the world continue to absorb the shock from Trump’s trade policies. For export-reliant Japan, hits from trade put the country’s still fragile growth at risk.

The fall in overall exports was led by a 13.8% drop in the value of shipments to the U.S. with cars the main drag. Exports to China dropped 0.5% and cargoes to Europe gained 5.5%.

The Trump administration’s higher tariffs continue to disrupt global commerce even as deals have been reached. In late July, the U.S. agreed to lower tariffs on imported Japanese cars to 15% from 27.5%, and to refrain from stacking previous tariffs on fresh 15% universal tariffs, but those changes didn’t take effect until Tuesday.

The blow to corporate finances could be a headache for the Bank of Japan as it continues to look for opportunities to raise the benchmark rate at a gradual pace. Robust wage growth has been a key element behind the BOJ’s policy normalization steps thus far, and with inflation having hovered at or above its 2% target for more than three years, speculation over a rate hike has persisted.