General Motors says profits were down $1.1 billion over the past three months and attributed the downturn in revenue, at least in part, to President Trump’s recent tariffs.
GM made the announcement Tuesday on a second-quarter earings call with investors, in which the U.S. automaker also said the tariffs have also contributed to a recent, 35% decline in profit.
The company still outperformed estimates made by Wall Street and stood by its full-year financial outlook, which it had adjusted down in May, The Hill news outlet reported.
While GM is anticipating that the total impact of the tariffs in 2025 will be about $4 billion to $5 billion, it said in its Tuesday report that it has been “[m]aking solid progress to mitigate at least 30% of this impact through manufacturing adjustments, targeted cost initiatives, and consistent pricing.”
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Author: Faith Novak
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