General Motors' latest earnings report showed that President Trump's new tariffs on imported cars may have impacted the company's profits. Laila Maidan, a reporter for MarketWatch, joins with more details.

General Motors has reported a $1.1 billion reduction in profits for the recent quarter, attributing the loss to tariffs implemented by the Trump administration. Stellantis, another major automaker, also reported a substantial loss of $2.7 billion, citing tariffs as a significant factor. Both companies have taken measures such as halting production to manage the financial impact, and have so far absorbed the increased costs without raising prices for consumers.

Industry data indicates that these losses have not yet been transferred to buyers, but there is uncertainty about how long automakers can continue to absorb these costs. A recent trade deal with Japan is expected to lower tariffs on Japanese vehicles, potentially creating competitive challenges for U.S. automakers like GM and Stellantis if tariffs with other countries increase further.

GM profits take $1.1 billion hit in wake of Trump tariffs

The company says it lost $1.1 billion from its bottom line this past quarter. And this comes as the latest CBS News polls show 60% of Americans oppose new U.S. tariffs, and 61% think the Trump administration is focusing on them too much. Layla Maiden is a reporter for Market Watch. She's actually been in the news for a while now. She's been in the news for a while now. She's been in the news for a while now. She's been in the news for a while now. Layla Maiden is a reporter for Market Watch. She's actually been here twice in a couple weeks. So she's officially a friend of the show, and she joins us now to talk about all this. Good morning, Layla. Great to have you back. Welcome back. Stellantis is also reporting a massive loss. Let's see, $2.7 billion. And they're citing tariffs as a major factor into that. So how significant a loss amount is this for these U.S. automakers? Well, it's significant right now. But we're getting the sense of these automakers are really hoping that this is temporary. And the reason why I say that is because so far they haven't passed on these costs to the consumer. What they've done a little bit is halted production, both GM and Stellantis, to try to avoid taking off on more tariff costs. So that tells us that they're in a wait-and-see mode. But it's quite substantial. I mean, Stellantis imports 40% of its vehicles into the U.S. They're reporting about $350 million was in impact directly from tariffs. Part of that was the actual tariff costs. But then there were losses from, like, production halts. Now, Stellantis is expecting that number to double in the second part of the year. And GM also, they're expecting about a loss of maybe $5 billion for the rest of the year. So that $1.1 billion for GM is small in comparison to the $5 billion top line that they're projecting as well. But overall, industry data is telling us that general outlook for the industry is that no costs have been passed on to consumers just yet. They've been absorbed by the profit margins of these vehicle companies. But, again, we don't know how long they're going to be able to pick that up. And how sustainable is that, I wonder? I want to quickly ask you about this trade deal with Japan the president has announced. It will open its market to U.S.-made trucks and cars. Is that relevant? Do Japanese folks want American-made vehicles? I don't know. Possibly. But what it does do, though, in the U.S. market, it creates sort of an unfair competition. So automakers, Japanese automakers will have less lower tariffs, for example, than other automakers like GM and Stellantis, for example. The deal with Japan is a 15% reciprocal tariff. And so that is as opposed to 25% that we're seeing from Canada and Mexico, which if there's not a deal struck by August 1st, we can see those tariffs go up even higher for automakers that are not Japanese automakers. So you're going to see costs, maybe potentially cost pressures on companies like GM and then a cost reduction on vehicles like Toyota or Nissan or any vehicles that we import from Japan. So that's creating a little bit of that unfair competition. Well, we'll keep watching this closely. And that means you have an open invite to come back and tell us about what this looks like later on. Leila Maiden, thank you very much.

After reviewing the Epstein files, Attorney General Pam Bondi told President Trump his name appears alongside many others, according to a new report in the Wall Street Journal. CNN’s Paula Reid details what we know.

Washington

DOJ told Trump his name is among many in Epstein files: Sources

Ukrainian President Volodymyr Zelensky signed a bill reducing the autonomy of two Ukrainian anti-corruption bureaus. Ukrainians protested in Lviv and Kyiv, concerned that the bill could lead to more corruption and threaten Ukraine’s chances of entering the European Union.

Kyiv

Ukrainians protest new anti-corruption law

A federal judge on Wednesday ordered Kilmar Abrego Garcia's release as a second judge barred ICE from taking him into custody. CBS News legal reporter Katrina Kaufman has more.

Nashville

Judge orders Kilmar Abrego Garcia's release

A judge on Wednesday (July 23) sentenced Bryan Kohberger to four life sentences without the possibility of parole after he pleaded guilty to the murders of four University of Idaho students in 2022.

Boise

Bryan Kohberger sentenced to life in prison

House Speaker Mike Johnson is sending lawmakers home early for their August recess amid a continued push to release all files related to Jeffrey Epstein. CBS News' Taurean Small has the latest.

Speaker Johnson sends House lawmakers home early

Venezuela Attorney General Tarek Saab's office will investigate El Salvador's President Nayib Bukele and two other officials for the alleged abuse of Venezuelans who were detained in the Central American country.

Caracas

Venezuela to investigate Bukele for alleged detainee abuse

U.S. President Donald Trump touted new trade agreements with Japan, Indonesia and the Philippines ahead of his looming August 1 global tariff deadline. CBS News' Natalie Brand has the latest from the White House.

Global Tariffs

Trump touts new trade deals with Japan, Indonesia, Philippines

As Bryan Kohberger faces sentencing for the University of Idaho murders, families and investigators are breaking their silence. The gag order has been lifted, prompting emotional impact statements and new revelations from officials involved in the case.

Officials, families break silence as Bryan Kohberger sentencing begins

U.S. President Donald Trump accused former President Barack Obama of "treason" on Tuesday, accusing him, without providing evidence, of leading an effort to falsely tie him to Russia and undermine his 2016 presidential campaign.

Trump accuses Obama of treason in attacks over 2016 Russia probe

President Donald Trump announced a long-awaited trade agreement with Japan on Tuesday night, a framework between the allies and major trading partners that appeared elusive just weeks ago.

Trump announces U.S.-Japan trade deal

The Syrian defense ministry said it was aware of reports of "shocking violations" by people wearing military fatigues in the country's predominantly Druze city of Sweida, and said it would launch an investigation. That came after fighting between Druze militia and government forces sent to the city to quell the unrest has led to hundreds of people killed.

As Suwayda

Middle East Conflict

Syria to probe 'shocking violations' in Sweida after hundreds killed

The U.S. Olympic & Paralympic Committee changed its eligibility rules on Monday, effectively barring transgender women from competing in Olympic women's sports. CBS News correspondent Elise Preston has more.

USOPC effectively bars transgender women from women’s sports

President Donald Trump says he's reached a trade deal with Japan that will set tariffs on Japanese imports at 15% and see Japan invest $550 billion into the U.S.

Trump says he's reached trade deal with Japan

Photos from Trump’s 1993 wedding and video footage from 1999 Victoria’s Secret fashion show shed light on the Trump-Epstein relationship.

New York

Photos show Jeffrey Epstein attended Trump’s wedding in 1993

Trump announced a new 19% tariff rate for goods from the Philippines after what he called a "beautiful visit" by Philippine President Ferdinand Marcos Jr. to the White House, and said U.S. goods would pay zero tariffs.

Trump says U.S. will charge 19% tariff on goods from Philippines

Deputy Attorney General Todd Blanche, who represented President Trump in his "hush money" case, announced he plans to meet with Jeffrey Epstein's former girlfriend and co-conspirator, Ghislaine Maxwell, as the push to release files related to Epstein's trafficking case continues.

Deputy attorney general seeks interview with Ghislaine Maxwell

Ozzy Osbourne, the hellraising frontman of Black Sabbath and reality TV star, has died aged 76. CNN’s Stephanie Elam looks back at the legendary career as the Godfather of Heavy Metal.

Los Angeles

Legendary singer Ozzy Osbourne dies at 76

A SkyWest flight, operating as a Delta connection, with 80 people on board made a sharp maneuver to avoid a B-52 bomber flying over the North Dakota State Fair. The FAA is investigating how the aircraft came so close.

Minot

Investigation underway after jet narrowly avoids Air Force bomber

A judge on Monday sentenced ex-Louisville police officer Brett Hankison to 33 months in prison and three years of subsequent supervised release, following the 2020 shooting death of Breonna Taylor.

Louisville

Judge sentences ex-officer in Breonna Taylor raid to nearly 3 years

A six-week-old infant and three other children have died of starvation in Gaza in the past 24 hours, local health officials said, with malnutrition and starvation now killing Palestinians faster than at any point in the 21-month war. This video includes images some may find distressing.

Jerusalem

Medics say four Gaza children starve to death in hunger crisis

Ukrainian President Volodymyr Zelenskyy said Ukraine and Russia will hold a new round of peace talks on Wednesday. The announcement comes as Russian drones hit parts of Ukraine, officials said.

Ukraine Invasion

Zelenskyy says Russia, Ukraine to hold new round of peace talks

The Trump administration released thousands of records related to the assassination of Dr. Martin Luther King Jr., despite objections from his family. CBS News' Weijia Jiang has the latest.

Trump admin releases Martin Luther King Jr. assassination records

Students gather to protest in Bangladesh outside the school where a military jet crashed Monday, killing at least 30 people, including dozens of children.

Dhaka

Protests break out as death toll passes 30 in Bangladesh jet crash

CBS News has learned that a new assessment of the U.S. strikes on Iranian nuclear sites in June finds that only one of three facilities was possibly destroyed. CBS News senior national security correspondent Charlie D'Agata has the details.

Tehran

U.S. strikes may have destroyed one Iranian nuclear facility

For the first time, Taiwan has combined two major civil defense exercises and staged them in conjunction with its largest-ever military simulation. CNN’s Will Ripley explains why the self-governing island is bolstering its preparations for a potential war with China.

Taipei

Taiwan holds unprecedented military drills

With questions continuing around the so-called Epstein files, U.S. President Donald Trump has made several controversial social media posts. Some political scientists say the posts are likely a way to distract the public from talking about Trump’s past ties sex offender Jeffrey Epstein.

Trump posts fake AI video of Obama arrest amid Epstein furor

The next set of peace talks between Ukraine and Russia - the first meeting in seven weeks - is planned for Wednesday in Turkey, President Zelenskyy quoted the head of Ukraine's National Security and Defence Council as saying.

Zelenskyy says new peace talks planned for Wednesday

Israel’s latest offensive in Gaza is targeting humanitarian hub Deir al-Balah because officials believe Hamas is hiding hostages there. The move comes as 25 countries, including Canada, called for an immediate ceasefire and the resumption of aid.

Israeli offensive targets humanitarian hub of Deir al-Balah

A sweeping cyber espionage operation targeting Microsoft server software 'SharePoint' compromised about 100 different organizations as of the weekend, two of the organizations that helped uncover the campaign said on Monday (July 21).

Redmond

Microsoft server hack hit about 100 organizations, experts say

Protestors showed up at the federal courthouse in Boston on Monday amid Harvard's $2 billion legal battle with the Trump administration.

Breakdown