Ford's January sales in the U.S. fell 6.3% owing to lower demand for its internal combustion (ICE) vehicles, the company said on Monday.

Auto retail services company Cox Automotive Inc. was forecasting a 5.2% increase in U.S. new vehicle sales for the industry compared to January 2024.

The U.S. stock market sold off Monday as Wall Street digested President Donald Trump’s tariffs on Canadian, Chinese and Mexican goods set to go into effect Tuesday, though much of the losses were concentrated in Michigan’s auto sector and Silicon Valley.

Markets were reeling Monday as the developing trade war between the U.S. and Mexico, Canada, and China looked set to escalate.

Markets were reeling Monday as the developing trade war between the U.S., Mexico, Canada and China looked set to escalate.