VW reports $1.5 billion hit from tariffs

(CNN)– Tariffs on imported cars and auto parts are taking a toll on Volkswagen.

Europe’s largest carmaker says it lost one-and-a-half billion dollars during the first half of this year.

VW’s operating profit for the quarter that ended last month fell-off nearly 30% compared to a year earlier.

The decline was steeper than most analysts had expected, according to “Fact Set.”

General Motors is also dealing with major effects from tariffs.

It lost more than a billion dollars in the second quarter.