President Donald Trump's unilaterally imposed tariffs continue to harm both domestic and global markets. Multiple automakers now expect lower profits and higher prices for consumers.
Reuters reported this week that as a result of Trump's tariffs, Ford Motor Co. will raise prices on three of its models by as much as $2,000 apiece. Days earlier, the company said it expected the tariffs to reduce annual earnings by $1.5 billion, even after making efforts to avoid U.S. import duties.
Rivian, which makes luxury electric vehicles from a single plant in Illinois, also announced this week that it expected to deliver fewer vehicles and spend more money this year as a result of the tariffs.
