Trump vows to 'reciprocate' against EU tariffs after Harley reports nearly 27% drop in profit [View all]

[mahatmakanejeeves]

Source: CNBC

TRANSPORTATION
Trump vows to ‘reciprocate’ against EU tariffs after Harley reports nearly 27% drop in profit
PUBLISHED TUE, APR 23 2019 • 7:21 AM EDT UPDATED 27 MIN AGO

KEY POINTS

• President Trump says European Union tariffs hitting Harley Davidson are “unfair.”

• He pledges to retaliate after the company posted first-quarter profit that fell 26.8%.

• Harley says falling demand, higher costs from U.S. tariffs on raw materials and European taxes on imports of its motorcycles hurt its earnings.

President Donald Trump appeared to reverse course on Harley Davidson on Tuesday, pledging to retaliate against “unfair” European Union tariffs that the company partially blamed for its nearly 27% drop in first-quarter profit. ... Trump, who called for a boycott against the motorcycle company last year amid a spat over steel, said that the EU tariffs have forced Harley to move U.S. jobs overseas. “So unfair to U.S. We will Reciprocate!” he said in a tweet.
....

Harley said Tuesday that falling demand, higher costs from U.S. tariffs on raw materials and European taxes on imports of its motorcycles hurt its earnings. ... Here’s how the company did compared with what Wall Street expected:

• Adjusted earnings: 98 cents per share vs. 65 cents per share forecast in a survey of analysts by Refinitiv.

• Revenue: $1.19 billion vs. $1.19 billion forecast by Refinitiv.

Harley said first-quarter net income was $127.9 million on consolidated revenue of $1.38 billion, compared to $174.8 million on consolidated revenue of $1.54 billion in 2018, a decline of 26.8%. ... Its revenue from motorcycles and related products fell 12.3% from a year earlier to $1.19 billion.

Read more: https://www.cnbc.com/2019/04/23/harley-davidson-q1-2019-earnings.html

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From the New York Post:

Trump vows to protect Harley-Davidson after earnings beat expectations
By Reuters April 23, 2019 | 10:59am | Updated

https://nypost.com/2019/04/23/trump-vows-to-protect-harley-davidson-after-earnings-beat-expectations/

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Remember, trade wars are easy.

When a country (USA) is losing many billions of dollars on trade with virtually every country it does business with, trade wars are good, and easy to win. Example, when we are down $100 billion with a certain country and they get cute, don’t trade anymore-we win big. It’s easy!

Link to tweet