At the start of Q2 earnings season, investors looked for tariff-related impacts on profits. Major U.S. financial firms reported only limited effects—especially compared to the auto industry. General Motors (No.

General Motors and Stellantis, two pillars of the U.S. automotive industry, are grappling with escalating costs and shrinking profits as recent Trump-era tariffs take effect.

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.