While the ongoing 'tariff war' is to hit Haas Automation it is "business as usual" for the F1 team.

With the situation seeming to change almost minute by minute, stock markets across the world have gone crazy with no sign of settling any time soon.

Haas Automation, effectively the parent company of the American F1 team, fears the impact of the situation and as it wait to see how things play out it is reducing production despite an increase in demand for its machine tools.

"Haas Automation is in the process of studying the full impact of tariffs on our operations," reads a statement from the American company. "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 manufacturing 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 Automation's business, we're optimistic that the Trump Administration will come up with the solutions to provide relief for US manufacturers," it continued, "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 tools 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 $5 billion 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."

However, there is no such anxiety as far as the F1 team is concerned, a spokesman for the team telling reporters in Bahrain that it is "business as usual".

"It's business as usual regarding the team and there is no change to our development plan, recruiting process and other projects," they said. "To clarify again, no impact to the team."