The Trump administration’s tariffs on imported cars and auto parts will cost General Motors between $4 billion and $5 billion this year, as the nation’s largest automaker slashed its earnings projections.

GM chief executive Mary Barra walked a tightrope in a letter to shareholders Thursday that sounded upbeat — but also warned that tariffs could cost the company as much as $5 billion this year. She praised the Trump administration while highlighting the challenges GM faces in new economic headwinds from tariffs.

General Motors (GM) and Ford (F) say consumers shouldn’t expect immediate price hikes on cars, even as the companies brace for the financial hit from President Trump’s newly clarified tariffs on imported autos and parts.