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SHARE SURGE FOR HARLEY

Harley-Davidson’s NYSE-quoted share price soared by a muscular 9.1% on Monday 1 November, after the US government announced withdrawal of protectionist Section 232 steel and aluminium tariffs imposed on the European Union by President Trump in 2018. BDN financial editor Roger Willis reports.

The EU reciprocated immediately and is to remove a 25% retaliatory tariff on Harley-Davidson motorcycle exports to Europe from 1 January 2022, reducing import duties to an original pre-Trump level of just 6%. Harley promptly updated its guidance to investors over the coming fiscal year, cutting the tariff’s adverse impact on its operating profit from about £150m to zero.

In a statement, the company said: “Today’s news is a big win for Harley-Davidson and our customers, employees and dealers in Europe. Our thanks go out to President Biden, Secretary of Commerce Raimundo and the US administration, for their efforts in this negotiation. We are excited that this brings an end to a conflict that was not of our making, and in which Harley-Davidson had no place.”

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