General Motors has revealed that tariffs imposed by Donald Trump’s administration sliced an eye-watering $1.1 billion from its second-quarter profits, causing a 3% dip in its stock price. That throbbing hit knocked GM’s operating earnings down by nearly a third compared to the same time last year, the published numbers revealed.

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.

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

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

US stocks were mixed as investors prepared for earnings season to pick up steam, with Big Tech earnings ahead.

Automaker General Motors posted a 12% sales gain through the first half of year while working to mitigate the effects of President Donald Trump's tariffs.