General Motors and Stellantis, two of the Big Three U.S. automakers, reported billions of dollars in economic losses this week after President Donald Trump’s auto tariffs took effect.

General Motors announced on Tuesday that its profit dropped to $1.9 billion in the second quarter, down from $2.9 billion this time last year. Stellantis announced its results the day before, saying it lost $2.7 billion in the first half of the year due to Trump’s tariffs.

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Both companies warn that the tariffs will have a significantly greater effect in the second half of the year.

General Motors hopes the United States will strike trade deals with Mexico, Canada, and South Korea to provide some relief. The automaker manufactures cars in those three countries before exporting them to the U.S.

“We’ve got a longer-term plan to be able to mitigate a substantial part of [the tariffs],” General Motors CFO Paul Jacobson told investors and analysts on Tuesday. “We’re obviously looking for things to normalize around these trade deals that will get done, and we expect that will happen.”

The company has largely kept its prices steady as Trump’s tariffs have taken their toll, although General Motors CEO Mary Barra hasn’t ruled out increasing them.

Fully assembled vehicles and certain auto parts from foreign trading partners are subject to up to 25% tariffs. Trump rolled them out as part of his April “Liberation Day” tariffs, most of which were delayed. More tariffs are set to take effect on Aug. 1.

Canada and Mexico were granted exemptions from automobiles and auto parts that were compliant with the U.S.-Mexico-Canada Agreement. Commerce Secretary Howard Lutnick said this week that Trump will likely renegotiate the North American trade agreement, which was signed during Trump’s first term. South Korea is not currently exempt from the auto tariffs.

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Ford, the last of the Big Three automakers, is scheduled to report its second-quarter earnings on July 30. It is expected to report similar losses from tariffs.

Elon Musk’s electric vehicle company, Tesla, is expected to report its quarterly results this Wednesday.