Tariffs were partly to blame for lowered full-year forecasts by General Motors Co (GM.N) and Fiat Chrysler Automobiles NV (FCA) (FCHA.MI)(FCAU.N), pummelling the stocks of both automakers on Wednesday as investors feared escalating trade disputes would hurt margins and sales. GM cited higher steel and aluminium costs for its 2018 profit forecast reduction as a result of tariffs imposed by U.S. President Donald Trump’s administration, sending its shares down 7 percent. Stevens told analysts GM would partially offset the commodity hit by negotiating price reductions with suppliers, raising prices on more popular models, and cost cutting. …read more
Source:: Yahoo Finance
