Harley-Davidson Says Biden Administration's EU Tariff Deal 'big Win' For Company

(RTTNews) - Harley-Davidson Inc. (HOG) said it extends its thanks to the U.S. Administration for reaching a solution to steel tariff dispute with the European Union.

The solution is a big win for the company and its customers, employees and dealers in Europe, the company said in a statement on Saturday.

Jochen Zeitz, Chairman, President and CEO of Harley-Davidson, called the agreement "an important course correction in U.S.-EU trade relations, that will allow us to further Harley-Davidson's position as the most desirable motorcycle brand in the world.

Earlier today, the U.S. President Joe Biden's administration and European Union have agreed to end a dispute over U.S. steel and aluminum tariffs imposed by former President Donald Trump in 2018.

U.S. Commerce Secretary Gina Raimondo said the agreement with the EU maintains the 232 tariffs but allows limited volumes of EU steel and aluminum to enter the U.S. tariff-free.

In return, the EU will drop retail tariffs it threatened to assess starting in December against high-profile American industries. The EU had set to increase tariffs on December 1st to 50 percent on iconic American companies, like Harley Davidson and the Kentucky bourbon industry.