What is going on with HOG?
Harley-Davidson, Inc. (HOG) stock surged today after the global motorcycle manufacturer issued a statement on the resolved 232 tariff dispute.
The company extended its thanks to the Biden Administration for coming to terms with the EU, and abolishing the steel tariff on European companies.
Shares of HOG increased 7.39% to $39.19 as of Monday at 10:35am.
What does this mean for Harley-Davidson?
In March 2018, President Trump initiated a 25% steel tariff and 10% aluminum tariff on metal imports from most countries under Section 232.
The tariff was imposed following the Commerce Department's investigation which found that surging steel and aluminum imports posed a national security threat.
While the new settlement will hurt the US steel industry, particularly in heavy-producing states like Ohio, Pennsylvania and Indiana, the agreement is a boon for Harley Davidson, which will now be able to import cheaper steel from Europe.
"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 Raimundo and the U.S. 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."
Harley-Davidson stated to free and fair trade and is focused on remaining globally competitive in the interests of all its stakeholders, ensuring its customers around the world have access to its products.
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Harley-Davidson is a global leading manufacturer of heavyweight motorcycles, merchandise, parts, and accessories. It sells custom, cruiser, and touring motorcycles and offers a complete line of Harley-Davidson motorcycle parts, accessories, riding gear, and apparel, as well as merchandise. Harley-Davidson Financial Services provides wholesale financing to dealers and retail financing and insurance brokerage services to customers. Harley has historically captured about half of all heavyweight domestic retail motorcycle registrations, a metric it has ceded in 2020 as it has repositioned the business. The firm recently expanded into the middleweight market with the launch of the Pan America model.
