Japanese automaker Nissan said Wednesday it reduced losses for the fiscal year through March, but remained in the red, battered by U.S. tariffs, inflation and intensifying competition.

Nissan Motor Corp., based in the port city of Yokohama , reported a 533 billion yen ($3.4 billion) loss, smaller than the 670.9 billion yen in red ink racked up the previous fiscal year.

Nissan’s annual sales fell 5% to 12 trillion yen ($76 billion.)

Chief Executive Ivan Espinosa said Nissan was making steady progress and seeing “clear signs” of a turnaround.

“We have moved beyond recovery and are entering a phase of growth,” he said.…