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GM profit hurt by over $1B in tariffs — and shares tumble as impact expected to worsen
GM CEO Mary Barra hasn’t ruled out raising car prices, however, and has said the company will stay competitive.
GM Profit Shrinks After $1.1 Billion Tariff Hit
General Motors’ net income shrank 35% in the second quarter despite strong sales gains.
GM’s $1.1 billion tariff hit bolsters mounting evidence that Americans are the ones footing the bill for Trump’s import taxes
General Motors is the latest U.S. auto giant to say tariffs have taken a chunk from their earnings. The company beat earnings expectations on Tuesday, but reported a decline in second-quarter profits, including a $1.1 billion hit as a result of hefty import taxes.
Wall Street ticks up to another record as GM and others show how tariffs are impacting them
General Motors and other U.S. companies give updates on how much President Trump’s tariffs are impacting them.
Trump tariffs take a $1 billion bite out of GM earnings
General Motors' second-quarter core profit fell 32% to $3 billion on Tuesday, as the automaker continued to confront challenging tariff policies, which it said sapped $1.1 billion from the results.The automaker's revenue in the quarter ended June 30 fell nearly 2% to about $47 billion from a year ago.
Tariffs hit U.S. companies hard, but businesses absorb them for now
General Motors said tariffs slashed its second-quarter income by more than $1 billion, and other companies pointed to import duties to explain smaller profits.
Car makers are feeling tariff pain: GM is the 2nd company to take a hit to profits
The American automaker reported that tariffs cost them $1.1 billion and reduced the company's profit margin from 9% to 6.1%.
GM reports $1.1B hit from tariffs as automakers deal with price pressures
Automakers are starting to report the impacts of President Trump's tariffs, with GM telling investors it took a $1.1 billion hit from tariffs last quarter.
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