Just weeks after its last quarterly report, Caterpillar Inc. is warning investors it now expects tariffs to have an even greater impact on its business, costing it as much as $1.8 billion this year.

“While the company continues to take initial mitigating actions to reduce this impact, trade and tariff negotiations continue to be fluid,” Caterpillar said Thursday in a regulatory statement.

Caterpillar shares fell as much as 3% Friday before the start of regular trading in New York.

The company is one of the world’s biggest makers of machinery for mining and construction. The US manufacturer’s second-quarter results already had reflected the effect of tariffs, with costs coming in at the top end of its estimated range disclosed in April.

Caterpillar said it expects the net impact from in

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