Ford prides itself on making most of its vehicles in the U.S. But the carmaker says the Trump administration’s latest trade deals have put it at a disadvantage to foreign rivals, reports Sharon Terlep.

Ford CEO Jim Farley said the automaker expects a $2 billion tariff bill, and that current tariff policies could give Japanese rivals an advantage.

A seductive idea is settling in that America is winning from all this. The president has, after all, got his biggest trading partners to make deals that are closer to his demands than theirs. Financial markets have shrugged off higher duties,