Ford Motor Co. warned profit this year will see a sharp drop on the growing fallout from President Donald Trump’s tariffs, underscoring the dramatic policy shifts in Washington that are upending the global auto industry.

Carmakers have so far avoided passing on much of the cost of tariffs to consumers. They built as many cars as they could before tariffs took effect, and have absorbed some of the cost. Ford expects that retail prices for its vehicles will rise only 1 percent this year, Ms. House said.