Haas Automation statement regarding tariffs has no impact on team, says Haas F1
The impact of President Donald J. Trump’s imposition of increased tariffs is being felt across the globe, as markets remain rattled and investors wonder where to make their next financial moves.
Now similar questions are creeping towards the race track.
Haas Automation, the machine tools company run by Formula 1 team owner Gene Haas, released a statement on Tuesday evening indicating that as a result of the tariffs the company is “in the process of studying the full impact of tariffs on our operations.” Noting a “dramatic decrease in demand for our machine tools from both domestic and foreign customers,” the company has “reduced production and eliminated overtime” at their single manufacturing plant in California, and put a pause on new hiring.
In the statement, Haas Automation indicates that they remain “optimistic” that the Trump Administration will come up with “solutions to provide relief for U.S. manufacturers.” However, the statement also outlines scenarios that could be “catastrophic” for the American machine tool industry.
Given Haas Automation’s ties to the Haas F1 team, many began to question if the global economic situation would have an impact on the team’s operations. According to a Haas F1 spokesperson, things remain status quo on their side of the organization.
“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,” the spokesperson said. “It’s business as usual regarding the team and there is no change to our development plan, recruiting process and other projects.”
Haas, along with the rest of the F1 grid, is in Bahrain this week for the Bahrain Grand Prix. For more on how these tariffs could impact not just F1, but motorsport in general, this deep dive from Elizabeth Blackstock at Planet F1 is well worth your time.
