An American car company just reported a staggering $1.1 billion loss, yes with a B, in a single quarter. That massive hit rattled Wall Street and sent shockwaves through the entire auto industry, all thanks to the new U.

GM says tariffs cost it A$1.68 billion in the last three months to push the automaker into the red – and there are more losses to come.

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.

The German automaker said U.S. import duties erased about $1.5 billion from its profit in the first half of the year, and it lowered its forecasts for the full year.