MANILA (Reuters) -Higher U.S. tariffs and trade uncertainty have worsened the economic outlook for developing Asia and the Pacific, the Asian Development Bank said in a report on Wednesday as it lowered its growth forecasts for the region for this year and next.

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 and other U.S. companies give updates on how much President Trump’s tariffs are impacting them.

As the two biggest economic targets in Donald Trump’s trade war, some analysts thought the European Union and China could move closer together and stake out common ground.

In an exclusive interview with Newsweek, the former Commerce Secretary discusses trade, China and tariffs under Trump 2.0.

The impacts will be felt more broadly in many industries, and the question is when the choice becomes to preserve profits by raising prices.

Shares of Japanese automakers surged after U.S. auto tariffs were reportedly lowered to 15% from the current 25%, according to public broadcaster NHK, citing a Japanese official. Stocks of Japan's Honda jumped 8.42%, while Toyota climbed 9.97%. Nissan jumped over 7%, and Mazda Motor surged over 16%. Mitsubishi Motors popped over 12%.

The stock is down, but the reaction is nothing like its steep post-earnings selloff in April. That’s a positive for investors.