Ford Motor Co. said its profit this year is poised for a sharp drop on the growing fallout from President Donald Trump’s tariffs, underscoring the dramatic policy shifts in Washington that are upending the auto industry.

Ford Motor said on Wednesday that U.S. tariffs on imported vehicles, as well as on steel and aluminum, will likely cost more than expected for the year, and the automaker's shares slid about 3% in after-market trading.

Ford Motor paid out more than $800 million in tariffs last quarter, despite manufacturing most of its vehicles in the U.S. The tariff bill came from parts imported from outside of the country as well as from fees on steel and aluminum.