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Trump Did GM and Ford’s Foes a Major Favor by Cutting U.S. Taxes

  • U.S. automakers already were paying less after years of losses
  • Toyota, Honda, Daimler cite billions of dollars in savings
Bloomberg business news

GM CFO 'Very Pleased With Resiliency' of Business Model

Updated on

Tax cuts signed by an America First president are turning out to be a major boon to some of the world’s biggest automakers -- except those based in the U.S.

General Motors Co. took a $7.3 billion charge in the fourth quarter because the assets it racked up from having reported years of losses in the past are no longer as valuable with the lower U.S. corporate tax rate. Ford Motor Co. has forecast an adjusted effective tax rate of about 15 percent this year, about the same as what it paid in 2017.