Ford reported a 65 percent drop in first-quarter profits Monday, 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 $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 $1 billion from the overall tariff drag, which Ford estimated at $2.5 billion after levies on imported finished vehicles, steel and aluminum and imported parts.

"Our teams have done a lot to minimize the impact of tariffs on our business," Chief Financial Officer Sherry House said on a conference call with reporters.

Profits came in at $471 million, beating analyst expectations but just over a third of the level in the........

© International Business Times