Norwegian energy company Equinor has lost nearly $1 billion on its offshore wind project in New York due to new U.S. government rules and higher import taxes.

The company’s CEO, Anders Opedal, said the loss is mostly from changes made by President Donald Trump’s administration that paused the project earlier this year. In April, the U.S. government temporarily stopped approvals and funding for wind energy projects, which caused delays. Although that decision was reversed in May, it still caused major setbacks.

Most of the $955 million loss comes from the first part of the Empire Wind project and the South Brooklyn Marine Terminal. These facilities were expected to support several future wind farms, but that now looks unlikely under the current policies. Also, new tariffs on imported steel — now set at 50% — have made the project more expensive to build.

Even with the loss, Equinor says the Empire Wind 1 project is still expected to be profitable, and construction is back on track.

The company’s profits dropped 30% in the second quarter compared to last year, falling to $1.3 billion. Lower oil prices were partly to blame, even though gas prices and production increased.

After the news, Equinor’s stock fell slightly on the Oslo Stock Exchange.

The Empire Wind project, which includes 54 turbines and aims to power around 500,000 homes, is a big part of Equinor’s clean energy plans in the U.S. But government policy and trade decisions continue to create challenges.