Ford Motor Co. reported first quarter profits down across all its divisions, but it said it has managed to mitigate some tariff exposure.

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 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.