Trump's tariffs are wrecking this key industry [View all]
Two of the largest automakers, which each employ thousands in the U.S., are saying that President Donald Trump’s tariff policies have lost them billions in profits in the first half of 2025. The news highlights ongoing economic problems caused by Trump’s tariffs, despite the improving economy that Trump inherited.
General Motors said on Tuesday that it had lost $1 billion in the second quarter of 2025, compared with its profits at the same time last year. A year ago, when Joe Biden was in the White House, GM had profits of $2.9 billion, but this year, under Trump, that was down to $1.9 billion. The company also saw a 2% drop in sales this year.
Stellantis, which oversees brands like Chrysler, Jeep, and Dodge, reported similar bad news on Monday. In an announcement that shocked Wall Street, the company said it estimated that it would experience a net loss of nearly $2.7 billion in the first half of 2025. The company attributed much of the problem to the early effects of Trump’s tariffs.
Following Trump’s April announcement of his “Liberation Day” tariffs on nearly all countries, his administration claimed that it would swiftly close new trade deals and that the tariffs would not hurt the economy. That hasn’t happened.
https://www.dailykos.com/stories/2025/7/22/2334609/-Trump-s-tariffs-are-wrecking-this-key-industry
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