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Harley’s shares hit 3-year high on EU-US trade truce

by Michael Taylor from https://www.forbes.com Harley-Davidson Stock Soars As EU Decides Against 56% Tariff Surge The Harley-Davidson stock price surged this morning after the European Union deferred a tariff plan that would have seen the classic American motorcycle maker face a 56% entry ticket into the European market. Harley-Davidson Inc would have been one of the biggest losers if the tariff increase from the current 31% had gone through, though whiskey distillers and boat makers would also have taken a hit. “We are encouraged by today’s announcement that tariffs affecting our products will not escalate from 31% to 56%,” Harley-Davidson Chief Executive Jochen Zeitz said. “Harley-Davidson employees, dealers, stakeholders and motorcycles have no place in this trade war. These tariffs provide other motorcycle manufacturers with an unfair competitive advantage in the EU. “European motorcycles only pay up to 2.4% to be imported into the US. We want free and fair trade,” he said. The tariff hike was set to come into effect on June 1, but it has been shelved as both the US and the EU set about negotiations on steel and aluminum tariffs. It is estimated that the tariff would have impacted US$4 billion in exports from the US. The tariffs were initially imposed in 2018 in retaliation to a Trump administration tariff on steel (25%) and aluminum (10%), with further tariff retaliation slated to begin in June. “We did not want to be in this position,” European Trade Commissioner Cecilia Malmstrom said in June 2018. “However, the unilateral and unjustified decision of the U.S. to impose steel and aluminum tariffs on the EU means that we are left with no other choice.” The company may have dodged the tariff bullet, but it is still fighting on another front in Europe after having its Binding Origin Information (BOI) […]

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Tariff truce may spare iconic US products from huge price hikes

by Jenny Leonard from https://financialpost.com U.S. and EU Set to Reach Temporary Tariff Truce Over Metals Iconic American products affected by EU countertariffs include Harley-Davidson Inc. motorcycles, Levi Strauss & Co. jeans and bourbon whiskey. Business associations and lawmakers have asked that the U.S. lift the duties, saying they do more harm than good. The Biden administration is set to announce it’s reached a truce in a dispute with the European Union over metal tariffs, sparing iconic products such as U.S. bourbon whiskey from a doubling of EU duties next month, people familiar with the matter said. A resolution could be announced as soon as Monday, said the people, who asked not to be identified because the talks are private. At issue is a high-profile dispute that started in 2018 under former President Donald Trump, in which the U.S. imposed duties on steel and aluminum from Europe, Asia and elsewhere over risks to American national security. The EU has since retaliated and on June 1 was set to double tariffs on a list of American products to 50%. Under the agreement with the Biden administration, the EU will refrain from increasing those tariffs and both sides will engage in a dialog on steel overcapacity, according to the people. The European Union had previously proposed to suspend all duties on each other’s products for six months while negotiations on a long-term solution continue. “We can only reiterate that the EU remains committed to finding a solution with the U.S. to the unduly justified tariffs on steel and aluminium and to working with the U.S. in tackling the root cause of the problem, which is the global steel overcapacity,” a spokesperson for the European Commission said on Saturday. Negotiators on both sides of the Atlantic are working to eventually remove the tariffs