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>> Harley Davidson is getting banged up by President Trump's tariff war. The iconic American motorcycle maker announced Monday it will shift some production outside of the United States to avoid retaliatory European Union tariffs on US exports like it's large motorcycles. The EU tariffs went into effect last week in response to Trump's steel and aluminum penalties on imports from the EU.
Reuters transportation editor Joe White.>> Essentially what this means is less work for Harley's US workers. They're going to move production of motorcycles that are sold in Europe to one of their facilities elsewhere in the world, Brazil, India, Thailand possibly, the company has not made that clear. But it does look like a loss for Harley's US workers.
>> Ironic, since Trump's steel and aluminum tariffs are aimed at protecting US jobs.>> Made in America. Harley Davidson.>> And Trump was happy to make a big spectacle at the White House last year, praising Harley Davidson as an American Business success story. But some of that success is now in jeopardy.
Harley Davidson could lose up to $100 million a year on it's EU business at a time when it can hardly afford it. It was counting on international sales to offset a slump in domestic demand that's led to plant closures here in the US. The Harley situation setting off alarm bells on Wall Street over the unintended casualties of rising global trade tensions instigated by the Trump White House.
Shares of Harley Davidson tumbled 6% Monday, and they were not alone. The entire stock market suffered another blow, led by key American exporters, as investors fear a prolonged trade spat will end up being bad for business.