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.

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’ Q2 profit fell 32% to $3bn due to a $1.1bn tariff hit from Trump’s trade policies, with the carmaker warning of deeper losses in the next quarter.