DETROIT (FOX 2) - The impact of tariffs is causing frustration for Metro Detroit businesses both large and small. Meanwhile, a group of small business owners are speaking out over growing concerns about what is being called a crisis that is hurting the bottom line of many.

GM said earnings in the second quarter reflect a more than $1 billion hit from President Donald Trump's tariffs.

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.

General Motors is the latest company to record a hit from the president’s trade war. But so far, investors remain upbeat.

General Motors is the latest U.S. auto giant to say tariffs have taken a chunk from their earnings. The company beat earnings expectations on Tuesday, but reported a decline in second-quarter profits, including a $1.1 billion hit as a result of hefty import taxes.

Automaker General Motors posted a 12% sales gain through the first half of year while working to mitigate the effects of President Donald Trump's tariffs.

The agreement will impose tariffs of 15 percent on Japanese goods, down from a threatened 25 percent. Trump said Japan would also invest $550 billion in the U.S.