General Motors and other U.S. companies give updates on how much President Trump’s tariffs are impacting them.

General Motors said tariffs slashed its second-quarter income by more than $1 billion, and other companies pointed to import duties to explain smaller profits.

General Motors is the latest company to record a hit from the president’s trade war. But so far, investors remain upbeat.

General Motors' second-quarter earnings took a $1.1 billion hit from tariffs, but the automaker still beat analyst expectations for the period, supported by strong sales of its core gasoline trucks and SUVs.

General Motors is the latest U.S. auto giant to say tariffs have taken a chunk from their earnings. The company beat earnings expectations on Tuesday, but reported a decline in second-quarter profits, including a $1.1 billion hit as a result of hefty import taxes.

Automaker General Motors posted a 12% sales gain through the first half of year while working to mitigate the effects of President Donald Trump's tariffs.

General Motors' second-quarter core profit fell 32% to $3 billion on Tuesday, as the automaker continued to confront challenging tariff policies, which it said sapped $1.1 billion from the results. The automaker's revenue in the quarter ended June 30 fell nearly 2% to about $47 billion from a year ago.

President Donald Trump set a tariff deadline for Aug. 1. The tariffs would impact multiple countries including Mexico and Canada. Taxes levied on goods imported to the U.S. are projected to raise the prices on consumer products like clothes and cars.