Friday, 22 November, 2019

Harley-Davidson moves some production from USA due to tariffs

Harley-Davidson moves some production from USA due to tariffs Harley-Davidson moves some production from USA due to tariffs
Russell Knight | 26 June, 2018, 13:48

In a stock market filing, the company said the EU's reaction to Donald Trump's steel tariffs, which will add $2,200 (£1,657) to the average cost of a motorcycle exported from the USA to Europe, will result in up to $100m of extra charges over the next couple of years. The latest victim of Trump's tariffs is our very own Harley-Davidson. While Harley said it's committed to making motorcycles in the United States, it suggested it had no other choice but to move production from its home market. But because of President Donald Trump's trade war with the European Union, tariffs recently grew from 6 percent to 31 percent, adding an additional $2,200 to each motorcycle exported from America. The company said the shift will require additional investment and could take nine to 18 months to complete.

Daimler, which also produces its premium Mercedes cars in the U.S., said its 2018 profits were expected to be hit by higher Chinese tariffs on imports of American-made cars. The U.S. had a $14.7 billion energy surplus with Mexico in 2017, for instance, because it exports refined petroleum products - taking lower-value crude oil made in the U.S. or Mexico and turning it into more valuable products for sale at home and overseas.

The president's tweet references statements made by Harley Davidson as to why they planned to move some production in their company to an global location.

Harley-Davidson's move is one of the most visible consequences of the trade disputes triggered by President Trump's decision to levy tariffs on steel and aluminium imports.

Mr Trump said he was surprised the motorcycle maker had been "the first to wave the white flag".

Editorial Note: The following is the text of a filing made by Harley-Davidson, Inc.to the U.S. Securities and Exchange Commission today, June 25, 2018.

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In February 2017, Trump welcomed Harley-Davidson executives to Washington and viewed a number of the company's motorcycles on the White House South Lawn. These tariffs, which became effective June 22, 2018, were imposed in response to the tariffs the US imposed on steel and aluminum exported from the European Union to the U.S.

"Even before the EU's announcement, Harley made the decision to close its plant in Kansas City and has manufacturing facilities in India and Brazil", International President Robert Martinez said in a statement.

Harley-Davidson determined that the tariffs would therefore eat up $30 million to $45 million of the current year's profit.

"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", IAM president Robert Martinez said in a statement, adding that the decision to close down the Kansas City, Missouri plant was made before the European Union announced its tariffs. AshLee Strong says the best way to help American workers, consumers and manufacturers is to open new markets and not raise barriers.

Mr. Trump blamed past US leaders for the simmering conflict over trade.

"Beyond the immediate damage to American competitiveness, trade restrictions push high-technology firms to locate elsewhere in the future", the researchers wrote.

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