President Trump’s trade war has started forcing American businesses to shift overseas. The recent causality happened is of Harley-Davidson Motorcycles. The company is planning to adopt the only suitable option, to shift the production in Europe. It is hard for the company to shift famous retro bikes overseas but US trade war will affect it even more.
News about the venomous effects of President Trump’s economic hostility toward American businesses and industry is circulating from few weeks. Stocks went through their most terrible time this month. The Dow, NASDAQ, and S&P 500 were all down on Monday. Companies fear that this tariff war will soon let the reserves down. The Dow Jones Industrials slid 328 points to 24,253; The Company’s lowest ending point since May. The NASDAQ dropped from 161 points to 7,532 and the S&P 500 Index gone 37 points to shut at 2,717.
Trump responded on the announcement, Surprised that Harley-Davidson, of all companies, would be the first to wave the White Flag. I fought hard for them and ultimately they will not pay tariffs selling into the E.U., which has hurt us badly on trade, down $151 Billion. Taxes just a Harley excuse – be patient! #MAGA
According to White House, President Trump will not back off in a tariff war, despite the European tariffs.
“The European Union is attempting to punish U.S. workers with unfair and discriminatory trade policies,“ also “President Trump will continue to push for free, fair, and reciprocal trade and hopes the EU will join us on that.”
In the past, the company has tremendously assisted the U.S when slapped tariffs on Japanese motorcycles back in the 1980s.
In latest Twitter post-Trump raged by targeting the classic motorcycles maker by stating:
“A Harley-Davidson should never be built in another country – never!” President Donald Trump has said, as he accused the firm of using a trade dispute with the European Union as cover to move production overseas.”
“If they move, watch, it will be the beginning of the end – they surrendered, they quit! The Aura will be gone and they will be taxed like never before!”
Harley will be able to shift the production within 18 to 19 months from now. The estimation of how many people in the US will lose their jobs is not made yet, People are unhappy because of the trade policies as well as the company’s decision.