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Ford reported a 65% drop in first-quarter profits Monday (May 5), citing a near-term drag on auto sales from new vehicle launches, as it withdrew its forecast amid tariff uncertainty.

The carmaker estimated a full-year net hit of about US$1.5 billion in adjusted operating earnings following President Donald Trump’s myriad tariff actions since returning to the White House in January.

The company has implemented some supply chain changes to mitigate any blowback from Trump’s tariffs, shaving US$1 billion from the overall tariff drag, which Ford estimated at US$2.5 billion after levies on imported finished vehicles, steel and aluminium and imported parts.