Trump denies he's to blame for Harley-Davidson decision
26 June, 2018, 17:47 | Author: Corey Lynch
Long term, Harley will attempt to offset the tariffs by moving production of motorcycles destined to European countries to its facilities outside the U.S., like Brazil, Thailand, Australia, and India.
President Donald Trump has threatened motorcycle maker Harley-Davidson with a big tax hit if it moves its manufacturing to Thailand, while also accusing them of using new trade tariffs as an excuse to leave the US. Harley-Davidson said Monday that the E.U.'s action increased the tariffs on its motorcycles "from 6 percent to 31 percent".
Trump also accused Harley-Davidson, without providing any evidence, of intentionally misleading Americans by saying the firm was moving some operations out of the U.S.in response to new tariffs imposed by the European Union. To avoid this cost, the company will shift to countries where there are lower or no tariffs.
On a full year basis, the company will face an extra $90-$100 million dollar in costs.
"Harley-Davidson's announcement today is the latest slap in the face to the loyal, highly-skilled workforce that made Harley an iconic American brand", Robert Martinez Jr., president of the International Association of Machinists and Aerospace Workers, said in a statement.
Some analysts expect to see more instances of company shifts when the second-quarter earnings season kicks off next month.
Minutes later, Trump tweeted that the US was "expanding" its "footprint" in the global trade market, warning countries to "play fair" or "pay tariffs".
"Harley-Davidson expects ramping-up production in global plants will require incremental investment and could take at least nine to 18 months to be fully complete". "Hence, they were just using Tariffs/Trade War as an excuse", Trump said on Twitter. A year after Trump pulled the US out of a 12-nation trade deal, the Trans-Pacific Partnership, in January 2017, Harley announced it would close its factory in Kansas City, Missouri, and consolidate production in York, Pennsylvania, eliminating about 260 jobs.
He alleged Harley-Davison's Monday announcement that it would move some more operations outside the US was long planned and that it was using Europe's new tariffs as an excuse. And it has announced tariffs on $50 billion in Chinese goods - a tariff list that could swell to $450 billion if Beijing refuses to back down and counterpunches with retaliatory moves.
Trump slammed the Milwaukee-based motorcycle company on Monday for waving a "white flag" with the EU.
The American motorcycle maker sells almost 40,000 new motorcycles a year in Europe, which accounts for 16 percent of the company's overall sales and is the biggest market for it outside of the US.
Trump said he's getting other countries to reduce and eliminate tariffs and trade barriers, and to open up markets.
"A Harley-Davidson should never be built in another country-never!" "They must play fair or they will pay tariffs!" We are opening up closed markets and expanding our footprint. In the U.S., Harley-Davidson sold 147,972 motorcycles previous year, according to company data.
Trump, in March, instituted a tariff of 25 percent on steel and 10 percent on aluminum imports.
But last month, the Trump administration slapped the tariffs on allies Mexico, Canada and the European Union, prompting the retaliatory tariffs on US goods.
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