Harley-Davidson Inc. has been slammed with a European Union import ruling that the motorcycle maker says would impose an import tariff of 56% on its products and keep it from functioning competitively in Europe.
The Milwaukee-based company revealed the ruling along with better-than-anticipated sales and profit for the first quarter, news of which elevated the stock to fresh everlasting high.
Harley-Davidson has been one of the highest-profile US casualties of recent trade disputes, after the EU placed a 25% duty on its bikes and other US goods in 2018. Those levies were a response to tariffs on Trump international manufacturing companies at tariff rates of 6%.
On Monday, Harley-Davidson stated that Belgium’s Economic Ministry, on behalf of the EU, had informed the company that it was imposing an agreement that allowed the business to supply Europe with certain motorcycles produced at its international manufacturing facilities at tariff rates of 6%.