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Thread: Trump Angry With India Over Harley Tariffs

  1. #1

    Trump Angry With India Over Harley Tariffs

    https://www.nasdaq.com/article/trump...20180214-00893

    On the other hand, he also said it was a great thing that India "can get away with it". India was actually LOWERING their tariffs on bikes.

    US President Donald Trump has criticized India for charging high import tax on Harley-Davidson motorcycles, even calling it "unfair trade practices."

    Trump noted that the US charges no tax on Indian bike imports and that India's new tax was an example of "unfair" trade practices. Trump has urged the US to fight back by imposing "reciprocal taxes."

    "We have so many countries where we made a product, they make a product, they pay a tremendous " we pay a tremendous tax to get into their countries " motorcycles, Harley Davidson " it goes into a certain country. I won't mention the fact that it happens to be India, in this case," Trump said.

    "And a great gentleman called me from India and he said, we have just reduced the tariff on motorcycles, reduced it down to 50 percent " 5-0 " from 75, and even 100 percent. And we have " if you are Harley Davidson, you have 50 to 75 percent tax, tariff to get your motorcycle, your product in. And yet they sell thousands and thousands of motorcycles, which a lot of people don't know, from India into the United States. You know what our tax is? Nothing."

    "I'm not blaming India. I think it's great that they can get away with it. I don't know why people allowed them to get away with it, but there's an example that's very unfair," Trump said while talking to lawmakers in the White House.

    On Monday, the Indian government had lowered customs duty on imported Completely Built Unit (CBU) motorcycles bikes to 50 per cent. Earlier, the import duty on bikes with engine capacity of 800cc or less was 60 percent and on bikes with capacity of 800cc or more was 75 percent.
    Donald Trump: 'What you're seeing and what you're reading is not what's happening'

    "Truth isn't truth"- Rudy Giuliani

    "China has total respect for Donald Trump and for Donald Trump's very, very large brain," - Donald Trump.

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  3. #2
    Two weeks ago:

    https://www.japantimes.co.jp/news/20.../#.WoXn1ainGUk

    Touted by Trump for U.S. manufacturing role, slumping Harley-Davidson closes Missouri plant

    Harley-Davidson Inc. said on Tuesday it will close a plant in Kansas City, Missouri, as it consolidates manufacturing operations after its motorcycle shipments fell to their lowest level in six years, sending its shares down more than 8 percent.

    The Milwaukee, Wisconsin-based company forecast a drop in shipments to dealers this year as it expects retail sales in the United States — the company’s biggest market — to dip.

    Despite generally higher U.S. consumer spending, Harley is grappling with an aging customer base and younger, more price-sensitive buyers hesitant to embrace the iconic brand as previous generations have done.

    Its shares fell 8.5 percent to $50.59 on the New York Stock Exchange. The stock fell nearly 13 percent in 2017.

    Harley said it expects to ship 231,000 to 236,000 motorcycles this year after shipping 241,498 vehicles in 2017, the lowest number since 2011. That is at the low end of its previous forecast of 241,000 to 246,000 units.

    In the December quarter, Harley’s U.S. sales declined 11.1 percent from the year before and overseas sales dipped 7.7 percent. Overall sales in the quarter were down 9.6 percent.

    As it adjusts to lower demand, Harley said it will consolidate work at its motorcycle assembly plant in Kansas City, Missouri, into the one in York, Pennsylvania, eliminating about 800 jobs at the Kansas City plant but adding 450 at the York facility.

    Harley said the move would result in restructuring costs of $170 million to $200 million through 2019 but would save the company $65 million to $75 million a year after 2020.

    It also announced the closure of its wheel operations in Adelaide, Australia, which will affect 100 employees.

    “HOG is restructuring the business for the demand reality,” analysts at RBC Capital Markets in a research note. “A big concern of ours had been that the cost structure didn’t seem right-sized for demand.”

    U.S. President Donald Trump last year praised the motorcycle maker for its U.S. manufacturing presence and blamed global tariffs for making it “very hard” for the company to do business overseas.

    Nevertheless, the company is looking overseas for growth this year.

    “Our assumptions include U.S. retail dealer retail sales to be down, partially offset by growth in international retail sales,
    ” Harley Chief Financial Officer John Olin told analysts on an earnings conference call.

    The company has set out a turnaround strategy to attract 2 million new riders in the next decade by introducing new models.

    On Tuesday, Harley said it would invest $25 million to $50 million a year over the next several years to develop electric motorcycle technology and was on target to launch its first electric bike within 18 months.

    Harley’s adjusted earnings for the fourth quarter, excluding some items, were 47 cents per share, just ahead of Wall Street’s average forecast of 45 cents, according to Thomson Reuters I/B/E/S. Revenue from motorcycles and related products rose to $1.05 billion from $933 million.
    Donald Trump: 'What you're seeing and what you're reading is not what's happening'

    "Truth isn't truth"- Rudy Giuliani

    "China has total respect for Donald Trump and for Donald Trump's very, very large brain," - Donald Trump.

    I am Zippy and I approve of this post. But you don't have to.



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