General Motors, tariff
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US stocks closed mixed Tuesday, but the benchmark S&P 500 (^GSPC) was able to eke out a new record as Wall Street digested a new batch of earnings, including a tariff warning from General Motors (GM),
General Motors has revealed that tariffs imposed by Donald Trump’s administration sliced an eye-watering $1.1 billion from its second-quarter profits, causing a 3% dip in its stock price. That throbbing hit knocked GM’s operating earnings down by nearly a third compared to the same time last year, the published numbers revealed.
Shares of General Motors ($GM) are down 3.6% in pre-market trading at the time of writing, as the automaker warned of bigger impacts from tariffs
GM warned the toll could grow in the second half of the year, reiterating its previous estimate of a $4 billion to $5 billion hit for the year. Shares dropped 7% during the day, even as the company's adjusted earnings per share of $2.
The U.S.-listed stocks of Japanese companies are surging, amid investor enthusiasm over the U.S-Japan trade deal. The biggest gainers were the ADRs of automakers, as Toyota's stock was
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The tariff on imported Japanese cars has been cut to 15%, down from 25%, in a deal announced by President Donald Trump.