CNN —
Tariffs on imported cars and auto parts cost General Motors $1.1 billion in the second quarter, the nation’s largest automaker said Tuesday.
That hit to its bottom line was largely responsible for a 21% drop in net income for the period. The company said it expects tariffs to cost it between $4 billion to $5 billion by year’s end.
The auto industry has been greatly disrupted by President Donald Trump’s tariffs – more than most businesses – as the taxes on imported cars and auto parts went into effect long before
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