The News
US car company General Motors cut its profit outlook for the year by as much as $5 billion, revealing one of the biggest financial hits of any company so far from US President Donald Trump’s trade war, Bloomberg reported.
The car maker now expects its earnings to be in the range of $10 billion to $12.5 billion, down from $15.7 billion at the beginning of Trump’s term. The forecast comes two days after GM delayed its investor call, anticipating Trump’s move to ease some auto tariffs. But the company still remains vulnerable to Trump’s 25% duty on imported vehicles, as most of its popular models are made in Canada, Mexico, and South Korea, Bloomberg noted.
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