General Motors (GM) on Wednesday downgraded its expected earnings for 2018 because of costs associated with the Trump administration’s steel and aluminum tariffs.
Reuters reported that the company expected to face a $1 billion impact on its full-year results, an increase from the $500 million it had previously projected. Most of its additional costs were incurred in America, CFO Chuck Stevens told reporters.
However, he added that the GOP tax reform legislation passed late last year and low unemployment should help mitigate some losses from the tariffs in 2018.
“What happens beyond 2018, there’s a lot of uncertainty in this space at this point in time,” Stevens said.
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GM lowers profit forecast due to rising steel costs from Trump tariffs https://t.co/uUhJQ32mhh pic.twitter.com/5kuZBUEW69
— The Hill (@thehill) July 25, 2018
And I guess GM will be looking for a bailout too.
But according to Trump fans, this is all ok. We are all supposed to grin and bear it because these trade wars will bring back jobs and all that. And if we taxpayers have to shell out to keep certain businesses in business as a result or we find we can no longer afford cars and other items, well, we should shut up and endure because thanks to Trump and his stable genius, America will be great again.
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