Some foreign firms are taking a similar stance in response to Mr Trump’s new levies. In April Ferrari added up to 10% to the price of its cars. Britain’s Ineos said it would charge more for its Grenadier off‑roader. Canon, a camera-maker, has warned dealers to brace for price increases.

T rump’s so-called reciprocal tariffs are scheduled to go into effect on August 1 after a 90-day delay—just as American families begin back-to-school shopping—and could hike up the cost of consumer goods imported from other countries.

U.S. automakers worry that President Donald Trump’s agreement to tariff Japanese vehicles at 15% would put them at a competitive disadvantage, saying they will face steeper import taxes on steel, aluminum and parts than their competitors,