Walking through a Michigan plant past whirring robotic arms and flying sparks, Swamy Kotagiri, the CEO of Canada-based auto supplier Magna reflected on how he is trying to "control the uncontrollable" in the midst of industry-shaking tariffs.

The list includes engines, transmissions, lithium-ion batteries and other major components, along with less expensive parts including tires.

President Donald Trump’s 25% tariffs on imported vehicles to the U.S. have taken effect, but the impacts of the new levies on investors and the global automotive industry will play out over the months,