US EditionAmericans Are Paying for Trump’s Tariffs, Not Foreign Companies
UNITED STATES, JUL 22 – General Motors and Stellantis reported combined losses exceeding $3.8 billion in early 2025 due to tariffs, with GM absorbing $1.1 billion in costs amid ongoing trade disputes.
- On July 31, the U.S. Court of Appeals for the Federal Circuit will hear a legal challenge on tariffs, with new tariffs set to take effect the following day.
- Under the International Emergency Economic Powers Act of 1977, Donald J. Trump imposed sweeping new duties, raising effective tariff rates to 16.6%.
- These figures highlight how major automakers are absorbing substantial tariff costs, with Stellantis announcing a US$2.7 billion net loss in North America for the first half.
- Through its $10-billion LETL facility launched in March, the Canadian government is offering emergency tariff relief, and Algoma’s chief executive said on Wednesday that Algoma is seeking between US$400 million and US$600 million in loans from Ottawa, implying urgent financial needs amid ongoing tariff pressures.
- Future projections indicate significant income and employment impacts from these measures, with the Budget Lab at Yale forecasting a $2,800 household income loss and 641,000 job reductions in 2025.
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kreiszeitung.de+4 Reposted by 4 other sources
Trump tariffs cost General Motors a lot of money. Are new cars now becoming more expensive? The company is looking for other ways out – and is moving production back home.
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Total News Sources48
Leaning Left7Leaning Right2Center27Last UpdatedBias Distribution75% Center
Bias Distribution
- 75% of the sources are Center
75% Center
L 19%
C 75%
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