Trump's remarks came a day before the Fed was set to announce its next decision on interest rates.Politicsread more
In a tweet, Trump said that he and Xi "had a very good telephone conversation," and that "our respective teams will begin talks prior to our meeting."Politicsread more
Is your CEO on the list? Glassdoor has the results.Power Playersread more
Stocks in Asia rose in Wednesday afternoon trade following positive developments overnight on the U.S.-China trade front.Asia Marketsread more
Signs of companies moving out of Hong Kong have emerged, members of the business community told CNBC following massive protests in the city. But one analyst said Hong Kong's...China Politicsread more
Sen. Josh Hawley, a well-known tech critic, is introducing legislation that would remove the immunity big technology companies receive for user-posted content under Section...Technologyread more
In its new "Future Skills" report, LinkedIn has identified what it calls the 10 "rising skills" of the future and the jobs associated with them.Get Aheadread more
Democratic Rep. Maxine Waters on Tuesday requested that Facebook pause its development of Libra, an upcoming cryptocurrency that the company plans to release in 2020.Technologyread more
Has your CEO won over enough workers in Germany to make the cut? Glassdoor reveals.Power Playersread more
Zuckerberg fell out of Glassdoor's top 20 CEO ranking for the first time, although his employee approval rate remains high.Technologyread more
Has your CEO qualified to make it into the top 10? Glassdoor has the results.Power Playersread more
Shares of Harley-Davidson plunged Monday after the iconic American motorcycle manufacturer said it will begin shifting some production overseas to offset the impact of retaliatory EU tariffs on certain U.S. goods.
The statement is one of the first by a major U.S. company that implies the recently announced tit-for-tat tariffs will force it overseas, and counters the Trump administration's efforts to protect U.S. jobs by implementing tariffs.
The EU duties on U.S.-made motorcycles were raised to 31 percent from 6 percent, Harley-Davidson said in an 8-K filing Monday with the Securities and Exchange Commission.
No production will be moving to Europe as a result of the tariffs, according to the company. Harley's overseas manufacturing plants are located in countries such as Brazil, India, Australia and Thailand. The company said it will not raise retail or wholesale prices but expects an incremental cost of $2,200 per motorcycle exported from the U.S. to the EU.
Later Monday, President Donald Trump said he was "surprised" by Harley's decision.
"To address the substantial cost of this tariff burden long-term, Harley-Davidson will be implementing a plan to shift production of motorcycles for EU destinations from the U.S. to its international facilities to avoid the tariff burden," the Wisconsin-based motorcycle maker said in the filing. Wisconsin was also the state that helped Donald Trump win the 2016 presidential election.
The stock closed 5.97 percent lower Monday, down 18.3 percent for the year so far. Shares have lost more than 25 percent since Trump's election.
Harley sold nearly 40,000 new motorcycles last year in Europe, 16 percent of overall sales and its biggest market outside of the U.S., according to the company.
The company expects the additional investment in international facilities to take at least nine to 18 months to complete.
The EU tariffs reduce the company's 2018 profits by 5 to 8 percent, according to a CNBC analysis of Thomson Reuters data and Harley's cost projections. The full-year impact of $90 million to $100 million is about 15 percent of the company's annual profits.
The White House said in a briefing the EU has repeatedly engaged in unfair trade practices and is trying to punish U.S. workers, but adding the administration would like to work with the EU to try and level the playing field.
"We want Harleys made here, more made here, and that’s going to happen under the President’s trade policies," Peter Navarro, White House trade advisor, said Monday on CNBC's "Closing Bell. "