Source:
The Hill
| July 25, 2018 | Brett Samuels
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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