Trump Threatens Tax On Harley-Davidson Bikes Imported To The US
17:22, Jun 28, 2018
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On Monday, Harley-Davidson in its US Securities and Exchange Commission (SEC) filing had said that the new retaliatory tariffs by the European Union (an increase from six per cent to 31 per cent) will result in an incremental cost of approximately $2,200 on an average motorcycle exported from the US to the 28-member trading bloc.
Harley-Davidson shares closed down 0.6 percent at $41.32, after falling almost 6 percent on Monday. "Hence, they were just using Tariffs/Trade War as an excuse", Trump said. "Their employees and customers are already very angry at them", Trump said on Twitter, without providing any evidence.
Trump has also used Harley-Davidson as an example of a company that would benefit from his policies.
"Our decision to move some of our operations is 100% based on President Trumps tariffs". If they move, watch it, it will be the beginning of the end. "Harley must know that they won't be able to sell back into US without paying a big tax!" Companies are now coming back to America.
"A Harley-Davidson should never be built in another country-never!" he said earlier on Twitter. So here is the string of tweets from the Commander-in-Chief: .When I had Harley-Davidson officials over to the White House, I chided them about tariffs in other countries, like India, being too high.
Soon after the company's announcement, Trump weighed in with typical bombast.
Last year, Harley-Davidson announced it would build a plant in Thailand after Trump pulled out of the Trans-Pacific Partnership (TPP) trade deal, which would have abolished tariffs on their motorcycles across 40 percent of the world's economy. The company opened an assembly plant in Brazil in 1998, another in India in 2010, and is building one in Thailand that it expects to start production later this year. The company has said ramping up production overseas could take at least nine to 18 months. Its last quarter sales fell by 12 percent in the US but grew by about 7 percent in multiple continents, including Europe.
Harley-Davidson executives met with President Trump at the White House a year ago after President Trump canceled a visit to the company's headquarters in Milwaukee because protests had been planned.
"Harley-Davidson should stay 100% in America, with the people that got you your success", Trump tweeted.
The iconic motorcycle brand is the latest U.S. corporation to run afoul of the U.S. president, who has attacked Amazon as a tax dodger and scamming the U.S. Postal Service.
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