General Motors CEO Mary Barra kicked off her Q1 letter to shareholders by thanking “President Trump for his support of the U.S. automotive industry.” Several paragraphs later, things take a turn, with Barra projecting an impact of $4 billion to $5 billion as a result of Trump’s ever-changing tariffs.

Barra’s letter was evidence of the delicate line the automaker needs to tread in order to placate the president while also assuring investors that it can weather the financial storm ahead. And in that respect, GM says it has a lot of evidence in its favor.

It’s revenue is up 2 percent year over year, and its making more progress in improving the profitability of its electric vehicle lineup. In that respect, Barra declared that GM had “solidified” its position as the number two seller of EVs in the US, behind Tesla. (With Tesla’s sales and revenue cratering, its not outside the realm of possibility that GM continues to make progress in this department.) Chevy, with its popular Equinox and Blazer EVs, is now the “fastest growing EV brand,” she said. And GM is the largest producer of lithium-ion batteries in the US.

The nation’s largest automaker was expecting a pretty robust year of profits until Trump blew everything up with his tariffs. Earlier this week, GM pulled its guidance, explaining that any prediction of profits at this point would be “a guess,” according to The New York Times. The company also postponed its conference call with financial analysts to discuss its first-quarter results by a couple days, while it assessed the impact of the latest curveball from the White House.

On Tuesday, Trump signed a new executive order walking back some of the auto tariffs he claimed just weeks before would lead to a manufacturing renaissance in the US. Now car companies that pay a 25 percent tariff on auto imports won’t have to pay other levies, like on steel and aluminum, or on certain imports from Canada and Mexico. But as its written, the rules don’t appear to protect automakers from tariffs on steel and aluminum that their suppliers pay and then pass on to them.

Analysts have predicted that the tariffs will be armageddon for the auto industry, with sticker prices expected to increase by as much as $10,000. In response, many panicked shoppers have rushed to their local dealership to get while the getting is good. According to J.D. Power, new vehicle sales in April are forecasted to rise 10.5 percent year over year, driven by 139,000 accelerated purchases from buyers trying to lock in pricing. But that’s already starting to cool off, as automakers promised more price stability throughout the summer, according to a survey from Car Dealership Guy.

But Barra’s letter makes no mention of price hikes, panic shopping, or cratering demand. She projects optimism about Trump’s willingness to bend on tariffs, which he has demonstrated repeatedly over the past few weeks. And that’s all she can really do right now.

“We look forward to maintaining our strong dialogue with the Administration on trade and other policies as they continue to evolve,” she wrote. “As you know, there are ongoing discussions with key trade partners that may also have an impact. We will continue to be nimble and disciplined and update you as we know more.”