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.

Ford said Monday that its net income fell by about two-thirds in the first quarter to $473 million, or 12 cents per share, from $1.33 billion, or 33 cents per share, in the year-earlier quarter. Revenue dropped 5 per cent to $40.66 billion.