Haas Formula 1 team has denied any impact on operations from tariffs imposed by United States president Donald Trump despite being included in a statement released by Haas Automotion.
President Trump has applied tariffs - or taxes on goods bought from other countries - to over 60 countries around the world to try and boost the US economy, though consumers and manufacturers are expected to be hit hard.
In a statement which depicted Haas F1 Team's logo in the header, Haas Automation said: "Haas Automation is in the process of studying the full impact of tariffs on our operations.
"In recent days, we've seen a dramatic decrease in demand for our machine tools from both domestic and foreign customers. Out of caution, we have reduced production and eliminated overtime at our sole manufacturring plant in Oxnard, California, where we employ 1700 workers and have been in operation since 1983. We have also halted hiring and put new employment requisitions on hold.
"While tariffs will have a significant impact on Haas Automotion's business, we're optimistic that the Trump Administration will come up with solutions to provide relief for US manufacturers - solutions that will allow us to continue manufacturing Haas CNC machines in the US while employing thousands of workers at our factory in Oxnard and indirectly at Haas Factory Outlets across America.
"Haas Automation is particularly concerned about the potential reduction of tariffs on machine tolls from certain countries, such as Japan, Taiwan and Korea, without a corresponding reduction in tariff rates for imported raw materials and components into the US.
"Such a scenario would be catastrophic to the $5billion US machine tool industry, which is a key component of US national security.
"Machine tools are essential to the entire manufacturing infrastructure in the US. We expect the Trump Administration to follow through on its promise to protect American manufacturing by supporting the US machine tool industry, specifically (1) tariff exemptions for raw materials and components vital to the US machine tool industry and (2) maintaining tariffs for imported machine tools."
Haas F1 clarification
Despite being included on the statement, a spokesperson for Haas F1 Team has insisted there is no impact on the team ahead of the Bahrain Grand Prix.
A statement read: "The statement put out by Haas Automation today with regards to tariffs and the Trump Administration does not have any impact regarding MoneyGram Haas F1 Team.
"It's business as usual regarding the team and there is no change to our development plan, recruiting process and other projects."
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