Harley-Davidson To Move More Production Oversees Amid US-EU Trade Tensions
26 June, 2018, 17:46
Late Monday afternoon President Trumptweeted, "Surprised that Harley-Davidson, of all companies, would be the first to wave the White Flag".
Harley Davidson has announced it will move production of motorcycles bound for Europe out of the United States to avoid retaliatory European Union tariffs.
"Increasing worldwide production to alleviate the European Union tariff burden is not the company's preference, but represents the only sustainable option to make its motorcycles accessible to customers in the European Union and maintain a viable business in Europe", the company said in a statement.
Harley announced Monday that because of the European Union's new tariffs on USA motorcycles -retaliation for Trump's steel and aluminum tariffs - the company was shifting some production to non-US plants.
On a full year basis, the company will face an extra $90-$100 million dollar in costs.
Harley Davidson said that the company's prices will not rise due to "an immediate and lasting detrimental impact to its business in the region".
Some analysts expect to see more instances of company shifts when the second-quarter earnings season kicks off next month.
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But Trump may be mistaken about the company's Thailand plant. "That was long before Tariffs were announced", he wrote.
The company says it's doing so because of tariffs it's facing in a trade dispute between the US and the European Union.
Trump has been imposing import duties on wherever he felt Americans had not been given a fair deal, thus triggering a trade war with numerous US' trade partners.
In fact, Trump has tried to threaten numerous countries with tariffs if they don't reduce tariffs and other trade barriers, but so far most of those discussions have ended in acrimony and frustration. He could be referring to the tariffs he is attempting to unilaterally impose on foreign imports.
"A Harley-Davidson should never be built in another country-never!"
Mr Trump tweeted: "I fought hard hard for them and ultimately they will not pay tariffs selling to the European Union, which has hurt us badly on trade, down $151 Billion". The EU is the company's second-largest market to the USA -selling nearly 40,000 motorcycles previous year.
Wisconsin's elected leaders said the decision pointed to the need to expand markets.
Trump, in March, instituted a tariff of 25 percent on steel and 10 percent on aluminum imports.
The Trump administration has started fights with trading partners around the world, imposing tariffs on imported steel and aluminum, provoking retaliation from close US allies including the European Union, Canada, Mexico and Turkey.
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