General Motors' net income plummeted 35% in the second quarter compared with the same quarter in 2024 as increased costs and industry uncertainty stemming from President Donald Trump's ongoing automotive tariffs cost the company $1.1 billion. The Detroit automaker reported earnings for the quarter ending June 30 on July 22, the first quarter the automaker said tariffs meaningfully impacted its bottom line after warning it could lose billions due to higher import tax for vehicles and the materials required to make them.