General Motors has reported a sharp drop in profits as it took a $1.1bn hit in Q2 due to the impact of trade tariffs. It said the net impact reflected ‘minimal mitigation offsets’. Net income was down by over a third on last year at $1.

GM CEO Mary Barra hasn’t ruled out raising car prices, however, and has said the company will stay competitive.

GM’s stock dropped more than 7% after carmaker reported$1.1 billion in tariff costs in the second quarter, despite mitigation efforts.