The Trump administration’s tariffs on imported cars and auto parts will cost General Motors between $4 billion and $5 billion this year, as the nation’s largest automaker slashed its earnings projections.

"The industry and the entire economy is in for pain," leading analyst says of Trump's orders, signed as he appeared in Michigan.

The Financial Times first reported Trump’s new car tariff relief plan last week. The president’s trade war has caused alarm across the car industry about the extra costs it faces to increase production in the US.