Ford on Monday said it expects to take a $1.5 billion hit to its operating profit from tariffs this year. The Detroit automaker also withdrew its full-year financial guidance because of mounting economic uncertainty created by the Trump administration's trade policies.

Ford Motor has hiked prices on three of its Mexico-produced models effective May 2, becoming one of the first major automakers to adjust sticker prices following U.S. President Donald Trump's tariffs.

Analysts have warned that automakers won’t be able to absorb all of the costs created by tariffs, and it will result in price increases for U.S. consumers.