Ferrari N.V. ( RACE ) shares traded lower on Wednesday after the White House announced President Donald Trump will announce new tariffs on automobile imports later today.

What To Know: According to CNN, White House Press Secretary Karoline Leavitt said Trump will announce the automobile tariffs at 4 p.m. today, ahead of the April 2 deadline.

Earlier this month, Trump granted a 30-day exception for automobiles, as well as all goods compliant with the USMCA. April 2 marks the expiration of this exception.

The details of the tariffs, such as the rate and the effective date, have not yet been announced.

Ferrari shares may be trading lower as the company relies on imports of certain vehicle components for production. Tariffs on these goods could increase production costs, potentially impacting Ferrari's profit margins.

RACE Price Action: Ferrari stock closed Wednesday don 4.67% lower at $413.73, according to data from Benzinga Pro.

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