The company says in a statement that the U.S. is an important market for its luxury brands and it is taking short-term actions including a shipment pause in April as it develops plans in response to the new trading terms.

On April 2, the US government imposed a 25% tariff on all imported cars and parts. While the move had been rumored for weeks, its official announcement by President Donald Trump still sent ripples through the auto industry—understandably so, given that America is the world’s second-largest car market.