General Motors ( No. 18 on the Fortune 500) reported its Q2 earnings results on Tuesday. The company’s net income fell 35% from the same period last year, as higher costs and uncertainty surrounding the Trump administration’s automotive tariffs resulted in a $1.1 billion hit to its bottom line.

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’ Q2 profit fell 32% to $3bn due to a $1.1bn tariff hit from Trump’s trade policies, with the carmaker warning of deeper losses in the next quarter.