DETROIT (Reuters) -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.

The automaker revised down its annual operating profit forecast by 16 per cent to ¥3.2tn, despite Japan securing an agreement to reduce US tariffs on auto imports from 27.5 per cent to 15 per cent. The tariff impact for Toyota is bigger than the estimated maximum of $5bn for General Motors and $3bn for Ford and is likely to narrow the gap in profitability between the companies.