Auto giants ditch guidance as industry reels from Trump tariff chaos

New vehicles displayed for sale at a General Motors Co. Chevrolet dealership in Miami, Florida, US, on Saturday, April 5, 2025. Bloomberg | Bloomberg | Getty Images European auto giants reported a sharp drop in first-quarter profit, and many suspended or cut full-year financial guidance, partially attributing the industry pain to U.S. President Donald Trump’s trade tariffs. The corporate updates were made shortly after Trump imposed a 25% tariff on automotive imports into the U.S. in early April. Trump sought to water down these levies on Tuesday, signing an executive order designed to prevent a range of other separate duties…