Ford Motor Co.'s profit slid in the three months through September as the carmaker grappled with slowing sales in China and higher supply costs due to President Trump's tariffs.

Net income dropped 37 percent to $991 million, Ford said on Wednesday, as slower sales in China dragged revenue from the Asia-Pacific region down 15 percent to $3.1 billion. The cost of raw materials like steel and aluminum, meanwhile, surged $66 million.

Ford expects to hit its previously-announced profit goal of $1.30 to $1.50 per share this year, but doesn't believe it will reach targets for 2020 due to what it said were “higher costs and uncertainty" that have affected the entire industry.

"We continue to make progress on our efforts to redesign Ford to be far more competitively fit, disciplined in capital allocations and nimble enough to win in a fast changing world,” Chief Executive Officer Jim Hackett said in a statement.

Automakers worldwide have been roiled this year as global trade tensions spur higher raw-material costs and questions over the future of global supply chains. Trump has imposed double digit levies on steel and aluminum, widely used in vehicles, as well as duties on $250 billion worth of Chinese products, including technological components of cars.

A deal to update and rename the North American Free Trade Agreement, meanwhile, may force carmakers to produce more of their vehicles in the U.S., Canada, and Mexico, using workers who earn higher wages. Some foreign automobile manufacturers have already said they would have to adjust operations as a result of the deal.

At Ford, the cost of sales, a key indicator of the impact of the new levies, rose 4.2 percent to $31.6 billion. The company is in the “early stages” of plans to reduce its workforce, a spokeswoman previously said, amid a broader $11 billion global restructuring effort announced after second-quarter profit fell 48 percent. Ford has yet to provide any details on that plan.

"We’re fully committed to sharing details as soon as we can, but I can’t allow us to get ahead of the process," Hackett told investors.

Ford's stock rose 6.2 percent to $8.69 in after-hours trading in New York.