General Motors and other U.S. companies give updates on how much President Trump’s tariffs are impacting them.

General Motors has reported a sharp drop in profits as it took a $1.1bn hit in Q2 due to the impact of trade tariffs. It said the net impact reflected ‘minimal mitigation offsets’. Net income was down by over a third on last year at $1.

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.

GM’s stock dropped more than 7% after carmaker reported$1.1 billion in tariff costs in the second quarter, despite mitigation efforts.

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.

General Motors has reported a profit fall of about 35 percent shortly after Stellantis announced taking a sizable financial hit of its own . Both companies have predictably attributed the loss to tariffs being imposed on imported parts and automobiles.

General Motors is set to report its second-quarter earnings before the bell Tuesday. Wall Street analysts expect adjusted earnings per share of $2.44 and revenue of $46.4 billion. GM executives will host an earnings conference call at 8:30 a.m. ET.

General Motors (GM) said Tuesday that President Trump’s tariffs cost the company $1.1 billion in the second quarter, contributing to an overall decline of 35 percent in profit. But the company

The Trump administration’s tariffs are hitting companies that do business in the United States. But prices haven’t reflected them yet in many cases.

General Motors has delivered a warning to corporate America, publishing second-quarter earnings that included a shocking impact from auto-industry tariffs on its bottom line.