TOKYO -- General Motors has slashed its annual earnings guidance while quantifying the impact of U.S. President Donald Trump's tariffs, stressing its efforts to reduce dependence on Chinese parts.
The American automaker downgraded its full-year net profit guidance to a range of between $8.2 billion and $10.1 billion, down from an earlier forecast of $11.2 billion to $12.5 billion. This includes the effects of the tariffs, which the company estimates at between $4 billion and $5 billion. Paul Jacobson, GM's chief financial officer, said on Thursday that "based on the current commercial environment," the company is able to "offset at least 30% of this headwind via self-help initiatives."
