The Trade War is Starting to Hurt American Automakers
The trade war is making things difficult for American automakers. General Motors and Fiat Chrysler reported lower profit Wednesday and cut their forecasts. Fiat Chrysler stock dropped 15%. GM fell 7%, on track for its worst day in seven years. GM cited rising commodity prices. Steel and aluminum prices have gone up since the Trump administration imposed tariffs on those imports. That includes domestic steel and aluminum, which are more expensive without the threat of lower-priced imports.