Dwell updates: Trump administration information and the most recent on the financial system, immigration

The Trump administration’s tariffs on imported automobiles and auto components will value Basic Motors between $4 billion and $5 billion this yr. However in an interview on CNN, CEO Mary Barra mentioned the corporate doesn’t essentially anticipate to move these greater prices onto shoppers within the type of elevated costs.

“We consider … pricing goes to remain at about the identical degree as it’s,” she informed CNN’s Erin Burnett right now, though she added, “Pricing adjustments in our business at the very least month-to-month, and typically extra regularly. We’re going to answer the market.”

The corporate does anticipate the upper tariff prices to eat into its earnings because it slashed its revenue steerage for the yr, as revealed in a letter to shareholders from Barra launched early this morning. The letter and steerage had been delayed from their deliberate launch on Tuesday, when the corporate reported decrease first-quarter earnings and awaited tariff adjustments from the Trump administration.

GM is the primary main firm to estimate, in {dollars}, how a lot President Donald Trump’s sweeping tariffs will value it. Many others have walked again earnings forecasts due to the following financial uncertainty.

Whereas GM is just not the dominant world auto participant it as soon as was, it’s nonetheless the most important American automaker, with US gross sales of two.7 million automobiles and vehicles final yr.

Learn extra about GM and tariffs.