G.M. Profit Shrinks on Billion-Dollar Tariff Hit

Source: NYT

"General Motors said on Tuesday that its profit in the second quarter fell by more than a third, after President Trump’s tariffs cost the company more than $1 billion.

G.M. was the second automaker this week to show the toll that the Trump administration’s trade policies are taking on the industry. Stellantis, the maker of Chrysler, Jeep and Ram vehicles, said on Monday that it lost 2.3 billion euros ($2.7 billion) in the first half of the year partly because of tariffs and other Republican policies.

Automakers are an important pillar of the U.S. economy, and the industry employs about one million manufacturing workers. Eroding profits will make it harder for them to invest in new technologies to withstand growing competition from Chinese automakers that have been expanding abroad.

G.M.’s profit for the quarter was $1.9 billion, the company said, down from $2.9 billion in the same quarter last year. Sales fell 2 percent, to $47 billion..."



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