Trump denies he's to blame for Harley-Davidson decision

Harley-Davidson Is Shifting Production Away From the U.S. As Trump's Trade War Rages OnMore

Harley-Davidson Is Shifting Production Away From the U.S. As Trump's Trade War Rages OnMore

He said the Alliance has reached out to Harley-Davidson with questions on whether plans to move 450 jobs here from Kansas City will be affected.

The EU imposed retaliatory tariffs last week on $3.4 billion worth of us products like bourbon, motorcycles and orange juice.The new duties are in direct response to President Trump's decision to increase fees on aluminium and steel coming from Europe.

European Union tariffs will add $2,200 to the cost of an average motorcycle, Harley-Davidson said in a Securities and Exchange Commission filing.

President Donald Trump has used the iconic American motorcycle maker as an example of a US business harmed by trade barriers in other countries, but Harley had warned that tariffs could negatively impact its sales.

Harley shares closed down almost 6 percent and analysts cut their profit forecasts on concerns about how quickly the company would be able to adapt to the 25 percent import duties the European Union began charging on June 22.

Minutes later, Trump tweeted that the US was "expanding" its "footprint" in the global trade market, warning countries to "play fair" or "pay tariffs". Taxes just a Harley excuse - be patient!

Trump's Twitter account has, in fact, been filled with posts on this matter. After the U.S. imposed duties on aluminum and steel coming in from Europe, the European Union imposed tariffs on 2.8 billion euro ($3.2 billion) of U.S. imports. With the European Union tariffs applied, the average cost of a bike faces an increase of around $2,200, it's calculated.

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Harley's entry-level bike in France now costs 7,490 euros ($8,766). It is also unclear exactly what taxes Trump is referring to since American-made Harleys will not be subject to import tariffs.

Rep. Adam Kinzinger, R-Ill., said Trump's attack on Harley-Davidson is an example of the president "punching down". Daimler produces vehicles in the U.S.

JBK has total revenues of $15 million a year and income of a few million, so Trump's policies are taking real money from his workers' pockets. Harley-Davidson estimated that these European Union tariffs would cost the company between $30 million and $45 million for the rest of 2018, and between $90 million and $100 million for every year after that.

White House trade and manufacturing adviser Peter Navarro said on Monday the administration wants Harley to make more motorcycles in the United States.

President Donald Trump spent part of Tuesday morning tweeting about Harley-Davidson, specifically calling out the motorcycle giant's plant in Kansas City. "That's certainly not fair", Navarro told CNBC.

"We need to be there and be relevant", Levatich said. The company did not respond to request for comment on Tuesday.

Harley-Davidson's plight in Europe drew fresh interest from French Parliament member Eric Straumann, who contacted Levatich to propose a new factory on the French-German border in Alsace.

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The company reported $5.65 billion in revenues a year ago and Europe is its largest overseas market, with nearly 40,000 customers buying motorcycles there in 2017. For decades, he has claimed that the United States is being taken advantage of by other nations.

"Don't take on Harley". It also has manufacturing operations in Australia, Brazil, India and Thailand. The EU targeted the USA vehicles as part of its rebuttal to Trump's tariffs on imported aluminium and steel.

"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.

CFRA Research lowered its 12-month price target for the stock to $47 from $49.

Harley-Davidson plans to release more information on what exactly the new production plan would look like on July 24.

Mercedes-Benz maker Daimler last week cut its 2018 profit forecast citing growing trade tensions. He has already imposed $50 billion in tariffs on China and threatened another $400 billion.

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