General Motors and Ford say consumers shouldn’t expect immediate price hikes on cars, even as the companies brace for the financial hit from President Trump’s newly clarified tariffs on imported autos and parts.

The first batch of car pricing data since new vehicle tariffs went into effect show an increase as a global trade war upends the industry.

Ford published its Q1 2025 financial results earlier this week, reporting a net income of $471 million, a $900 million decrease compared to Q1 2024. In its statement to investors, the company said that it estimates that the Trump tariff will cost it as much as $1.5 billion in 2025.