Here's Why Harley-Davidson Stock Roared Ahead Today
Over the weekend, the U.S. and EU agreed to resolve a tariff dispute related to steel and aluminum imports, and it's good news for manufacturers like Harley-Davidson (NYSE: HOG). Investors didn't waste any time noticing and drove Harley shares up as much as 11% at its high on Monday. Shares held most of those gains, closing today's session up 9.1%.
In a statement released by the company, chairman and CEO Jochen Zeitz said the news was "a big win for Harley-Davidson and our customers, employees, and dealers in Europe." The Section 232 tariff dispute began under the Trump administration and forced Harley to pay steep tariffs as American-made motorcycles entered Europe for sale. The new agreement will reduce its overall tariff rate from 31% to 6% effective Jan. 1, 2022, the company said.
Source Fool.com
