President Donald Trump’s auto tariffs will cost Ford $1.5 billion this year, but the automaker said Monday it does not expect overall US car prices to rise significantly as a result.

Ford is less affected by President Trump’s 25 percent tariffs on vehicles than other automakers because most of the vehicles it sells in the United States are made in the country. General Motors said last week that the tariffs would increase its costs $4 billion to $5 billion this year.

Ford Motor Co. suspended its full-year financial guidance and said President Donald Trump’s auto tariffs will take a toll on profit, joining rivals stung by volatile global trade policies.

Big-name multinationals right down to niche e-commerce players last week cut sales targets, warned of job cuts and reviewed their business plans, while major economies revised down growth prospects amid bleak data read-outs.

President Donald Trump says tariffs on Chinese imports to the United States will eventually be lowered, after both Beijing and Washington appeared to soften their positions about potential trade talks.

President Trump said he is willing to eventually lower tariffs on China because they now are so high that the world’s two largest economies have essentially stopped doing business with each other.