General Motors had a more than $1 billion chunk taken out of its profits due to tariff costs, the company reported on Tuesday. GM, as well as other automakers like Stellantis, have contributed to evidence indicating American companies and consumers—not exporters—are the ones paying for tariffs.

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.

The recent trade agreement between the Trump administration and Japan, imposing a 15% tariff on most Japanese imports, has sparked significant opposition from major U.S. automakers. Industry leaders argue this move grants an 'unfair advantage' to Japanese car manufacturers,

That means it is cheaper for Japan to export cars to the U.S. than for Ford or GM to import vehicles from their plants in Mexico. The U.S. is charging 25% on those imports, part of Trump’s sectoral tariffs on the auto industry. The Japanese trade deal ...

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.