It looks like Ferrari is ready to try and stick it to President Trump and his newly imposed auto tariffs...
The automaker put out a press release late Wednesday/early Thursday that said it would "update its commercial policy, based on the preliminary information currently available regarding the introduction of import tariffs on EU cars into the USA".
"While reaffirming its commitment to maximum client attention and protection and with the goal to provide certainty to them: The commercial terms will remain unchanged for orders of all models imported before April 2, 2025 and for orders of the following three families - Ferrari 296, SF90 and Roma - regardless the import date," it said.
"For the current remaining models, the new import conditions will be partially reflected on pricing, up to a maximum 10 per cent increase, in coordination with our dealer network," the release said.
Ferrari announced it will hold prices steady on vehicles imported before April 2. After that, pricing for the 296, SF90, and Roma models will remain unchanged, but its more in-demand models — including the Purosangue SUV, 12Cilindiri, and limited-edition F80 — will see hikes of up to 10%. That means an extra $43,000 on the $430,000 Purosangue and over $350,000 added to the $3.5 million F80, CNBC added.
As we wrote this morning worries over tariffs hit markets on Wednesday, with the S&P 500 halting a three-day win streak to close down 1.1%.
“Tariffs are front and center on people’s minds,” said Arun Sai, senior multi-asset strategist at Pictet Asset Management. “We all know that tariffs are stagflationary and markets have been trying to price that to different extents. What we don’t know yet is what’s the ultimate lasting impact.”
"If the European Union works with Canada in order to do economic harm to the USA, large-scale Tariffs, far larger than currently planned, will be placed on them both in order to protect the best friend that each of those two countries has ever had!" Trump wrote on his social media platform Trump wrote late Wednesday/early Thursday morning.
On Wednesday, Trump signed an order imposing a 25% tariff on all auto imports—a move he believes could reverse decades of disastrous industrial policy that have hollowed out the core of the country. The order takes effect next week, in addition to the 'reciprocal tariffs' set for April 2.
Bloomberg reported earlier that the EU is preparing countermeasures. France has asked the European Commission to consider using the anti-coercion instrument to strike back against Trump's escalating trade war.
In the Oval Office on Wednesday, Trump told reporters that reciprocal levies would be lower than expected: "We're going to make it all countries, and we're going to make it very lenient. I think people are going to be very surprised. It'll be, in many cases, less than the tariff that they've been charging us for decades."
For an in-depth look at how tariffs could effect the industry and markets across the global, premium subscribers can read this note that we published earlier this morning.
By Zerohedge.com
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