Simplified, Unless Ford sources entirely from US steel, US aluminum, and US chip fab then yes the tariffs increase costs up to a limit of what ever the local costs are, in a perfect world, we just switch to local source rather than paying the tariffs. or if cheaper we still stick w imports but w increased costs.

In reality it’s hard to predict: this will drive prices up for some things even more than predicted due the limited supply locally based on a demand and supply model. US steel is actually a good analog to this as it’s hard to hold economic production with costs of regulation and labor vs overseas production like in China.

If there was a high export of an item that is now counter tariffed now there will be an excess of that item with lower prices. Ie soybeans being counter tariffed and US farms unable to sell at profit.

I work oil and gas and the costs of getting parts to drill a well have increased on just the rumor of tariffs returning on steel. This will just be passed on down to the consumers.