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.

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.