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General Motors Prepares for Tariffs on Canada and Mexico Imposed by Trump


General Motors (G.M.) executives are closely monitoring President Trump’s plans to impose tariffs on imports from Canada and Mexico but are not yet making any significant changes to their strategy in North America. The company has a playbook of possible options in place, but will not implement them unless the situation changes dramatically and there is a permanent level of tariffs. G.M.’s chief financial officer, Paul Jacobson, stated that they are preparing for potential tariffs and being prudent to avoid overreacting.

President Trump’s proposed tariffs would impact G.M. and other automakers that produce vehicles and components in Canada and Mexico, potentially leading to increased prices of vehicles sold in the United States. G.M. produces a significant number of vehicles in Mexico, including top-selling models like the Chevrolet Silverado and GMC Sierra.

To mitigate the impact of potential tariffs, G.M. is exploring options like increasing production at U.S. plants and shifting production from Canada and Mexico to other countries. The company anticipates earning between $11.2 billion and $12.5 billion in net income in 2025, excluding the impact of tariffs.

G.M.’s electric vehicle business is making progress towards profitability, with plans to produce approximately 300,000 electric vehicles in North America in 2025. The company is advocating for policies that strengthen American manufacturers like G.M. and is confident in the growth of its internal-combustion engine and electric vehicle portfolio.

Due to its strong performance in North America, G.M. announced bonuses of up to $14,500 for 46,000 United Automobile Workers union members working in its U.S. plants. The company remains focused on navigating potential challenges such as tariffs to continue its success in the U.S. market.

Note: The image is for illustrative purposes only and is not the original image of the presented article.

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