NASCAR partner release official statement as Trump tariffs make their mark

An official NASCAR partner has issued a statement confirming temporary measures have been put in place as they assess the impact of President Trump's tariffs.

Lionel Racing produce die-cast models of NASCAR cars at either 1:32 or 1:64 scale, but, the business has confirmed they have halted pre-orders until the tariff situation calms.

In an official statement released on social media, Lionel Racing wrote: "We know many of you have noticed a halt in pre-order offers over the past few weeks,"

"This is a temporary measure until the current tariff situation settles down.

"We are still working with race teams to get sales sheets put together, we are still obtaining reference photos and artwork for raced-wins and standard cars, and we are still sampling and producing die-cast.

"The only things currently on hold are new pre-orders and shipping from our factory. As soon as we can get that going again, trust us, we will!"

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What are tariffs?

Tariffs are taxes that a country charges on goods imported from another country.

Usually, they are a percentage of a product's value. For example, with President Trump introducing a 20% tariff on the European Union, a product imported from there would, in theory, mean an additional 20% charge. Say a car part cost a NASCAR team $1000, for example; the cost would now, in theory, increase to $1200 if it was imported from the EU.

The teams wouldn't pay this, however, the manufacturer of the part does. However, the cost would likely be handed on to the team, making the part more expensive to them so that the importer could cover the tariff.

Why is President Trump introducing tariffs?

President Trump argues that the introduction of these tariffs will encourage US consumers to buy more American-made goods, increase the amount of tax raised and lead to massive investment into the country.

A statement via the White House website reads: "Today, President Donald J. Trump declared that foreign trade and economic practices have created a national emergency, and his order imposes responsive tariffs to strengthen the international economic position of the United States and protect American workers."

Later, the site states: "President Trump refuses to let the United States be taken advantage of and believes that tariffs are necessary to ensure fair trade, protect American workers, and reduce the trade deficit—this is an emergency."

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