General Motors Co. was the latest U.S. company to disclose how the levies are raising costs, with the automaker saying Tuesday that the duties dented profits by more than $1 billion as it chose to abs

General Motors said tariffs slashed its second-quarter income by more than $1 billion, and other companies pointed to import duties to explain smaller profits.

General Motors is the latest company to record a hit from the president’s trade war. But so far, investors remain upbeat.

General Motors is the latest U.S. auto giant to say tariffs have taken a chunk from their earnings. The company beat earnings expectations on Tuesday, but reported a decline in second-quarter profits, including a $1.1 billion hit as a result of hefty import taxes.

Automaker General Motors posted a 12% sales gain through the first half of year while working to mitigate the effects of President Donald Trump's tariffs.

President Donald Trump set a tariff deadline for Aug. 1. The tariffs would impact multiple countries including Mexico and Canada. Taxes levied on goods imported to the U.S. are projected to raise the prices on consumer products like clothes and cars.