The logo of U.S. motorcycle company Harley-Davidson is seen on one of their models at a shop in Paris, France, August 16, 2018. REUTERS/Philippe Wojazer//File Photo
Harley-Davidson Inc’s (HOG.N) shares soared to their highest level in over three years on Monday after the European Union decided to suspend a planned increase in retaliatory tariffs on the company’s motorcycles as part of a partial trade truce with the United States.
The EU had threatened to double the tariffs on Harley motorcycles, American-made whiskey and power boats to 50% on June 1 in retaliation for steel and aluminum tariffs imposed by former President Donald Trump.
The European Commission, which oversees EU trade policy, said on Monday it would suspend the planned hike of retaliatory tariffs for up to six months. read more
Harley’s shares gained 8.5% on Monday to $51.73, their highest level since January 2018.
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