>> Harley-Davidson slipping on the stock market after President Donald Trump backed boycotting the American motorcycle maker. Shares falling about 4% on Monday. The dispute revved up after the president on Sunday tweeted, quote, many Harley-Davidson owners plan to boycott the company if manufacturing moves overseas. Great! Most other companies are coming in our direction, including Harley competitors.
A really bad move! U.S. will soon have a level playing field, or better. His tweet in response to the Wisconsin based motorcycle maker announcing a plan earlier this year to move production to Europe from the U.S. to avoid tariffs on its bikes by the EU in retaliation for Trump's duties on steel and aluminum imports.
Harley has forecast that the EU tariffs would cost the company about 30 to $45 million for the remainder of 2018 and 90 to $100 million dollars on a full year basis.>> Let's hear those engines now!>>
>> To drive his point home, Trump also met with a group of bikers who support him, posing for pictures with about 18o bikers at his golf resort in Bedmiinster, New Jersey on Saturday where he's on vacation.
Trump's attack on Harley is an about-face for the President, who hosted company officials and gleaming Harley-Davidson bikes on the White House lawn shortly after his inauguration.