"The US is an important market for JLR's luxury brands. While we work to address the new trading conditions with our business partners, we are taking some short-term actions, including a pause in deliveries in April, as we develop our medium and long-term plans," a JLR spokesperson said.

The company released a pre-release statement on “release day” – April 2 – assuring its customers that its business is “resilient” and “accustomed to changing market conditions.”

The statement earlier this week noted that"our priorities now are deliveries to our customers around the world and addressing these new trade conditions in the US."

The 10% basic tariff on products from all countries of the world, announced by US President Donald Trump, came into effect, while stock markets recorded dramatic falls.

The US president announced the measure on Wednesday evening during his so-called"Liberation Day" speech. The announcement sent shockwaves through global stock markets by imposing expanded tariffs on imports, Sky News reports.