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.

GM chief executive Mary Barra walked a tightrope in a letter to shareholders Thursday that sounded upbeat — but also warned that tariffs could cost the company as much as $5 billion this year. She praised the Trump administration while highlighting the challenges GM faces in new economic headwinds from tariffs.