Ford Motor Company has announced that it expects a $1.5 billion reduction in EBIT this year as the result of new import tariffs introduced by President Trump.

Ford Motor on Wednesday said it is raising prices on three models produced in Mexico, pointing to higher U.S. tariffs on imported vehicles as one reason for the adjustment. The vehicles subject to the price increases of up to $2,000 per model include the Maverick, Bronco Sport and Mach-E, Ford said in a statement to CBS News.