General Motors estimates Trump administration tariffs will reduce earnings by $2.5 billion to $3.5 billion in 2024, despite presidential claims of benefits.
General Motors expects tariffs imposed by the Trump administration to cut its earnings by $2.5 billion to $3.5 billion in 2024. The company disclosed the impact in a recent SEC filing, contrasting with President Donald Trump’s assertions that tariffs have bolstered GM’s performance.
Trump highlighted the tariffs during visits to GM facilities and a Fox News interview, claiming they saved the automaker. GM’s regulatory filings, however, indicate the costs stem from broader trade policies affecting supply chains and production expenses.
GM declined to comment beyond referencing CEO Mary Barra’s latest earnings call. The company has not detailed specific market reactions to the tariff costs.