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 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.

GM stock took a sharp 6% fall after the company revealed Trumps new auto tariffs cost them $1.1 billion in just one quarter. Thats a big hit, and investors are worried this could be just the start of more financial pain.