Quantcast
Connect with us

Trump’s tariffs completely wiped out Harley-Davidson profits last quarter

Published

on

President Donald Trump’s tariffs on foreign steel and aluminum have taken a hammer to the financial bottom line of iconic American motorcycle manufacturer Harley-Davidson.

Bloomberg reports that Harley-Davidson “barely broke even” in its fourth-quarter 2018 earnings report, as the president’s trade wars with China and other nations continued to take their toll.

ADVERTISEMENT

Without the costs of the tariffs, the company would have posted earnings of $0.17 per share, which was a big miss compared to the consensus estimate of $0.29 per share. This was Harley-Davidson’s biggest miss of the consensus estimate since early 2009, when the entire country was reeling from the impact of the 2008 global financial crisis.

The bad financial report caused Harley-Davidson’s stock to plummet and share prices dropped by as much as 9 percent in the wake of the news.

Harley-Davidson last year announced it was laying off hundreds of workers while company CEO Matthew Levatich blamed Trump’s trade policies in part for its decision to give employees the ax.

The president has also gotten into Twitter feuds with the company after it announced over the summer that it would be moving some of its manufacturing operations overseas.

ADVERTISEMENT


Report typos and corrections to: [email protected].
READ COMMENTS - JOIN THE DISCUSSION
Continue Reading

Breaking Banner

Kamala Harris blisters Kavanaugh for lying to her during his hearings and calls for him to be impeached

Published

on

In a blunt tweet issued on Sunday morning, Democratic Presidential contender, Sen. Kamala Harris (D-CA) accused Supreme Court Justice Brett Kavanaugh of lying to the U.S. Senate during his confirmation hearings and said he must be impeached.

Following a New York Times report outlining credible allegations against Kavanaugh accusing him of assaulting a fellow college student, Harris said the evidence presented should disqualify him from being on the bench.

"I sat through those hearings. Brett Kavanaugh lied to the U.S. Senate and most importantly to the American people. He was put on the Court through a sham process and his place on the Court is an insult to the pursuit of truth and justice. He must be impeached," she tweeted.

Continue Reading

Breaking Banner

Republicans accused of stifling sexual misconduct claim against Brett Kavanaugh during confirmation

Published

on

A new report reveals that Deborah Ramirez, a woman who claims Supreme Court Justice Brett Kavanaugh sexually assaulted her while she was a student at Yale University, may have had evidence to corroborate her story — but that Republicans created a process which would stifle her account so that Kavanaugh could be confirmed.

This article first appeared in Salon.

Deborah Ramirez, who alleged that she was assaulted by Kavanaugh at a Yale party when she was an underclassman, had her legal team provide the F.B.I. with a list of at least 25 people who could have had evidence to corroborate her story, but the bureau ultimately interviewed none of them, according to The New York Times. The publication also learned that many of the individuals who could have corroborated Ramirez's story attempted to reach the F.B.I. on their own but were unable to do so.

Continue Reading
 

Breaking Banner

Why is billionaire Tom Steyer running for president — as an enemy of big corporations?

Published

on

Tom Steyer, the billionaire hedge fund manager who has become a late arrival in the field of Democratic presidential candidates, provides anti-Trump voters with an interesting challenge. His critique of wealth sometimes sounds like Bernie Sanders, but he is by far the richest person in the race (even if you include Donald Trump).

This article first appeared in Salon.

When I interviewed  Steyer earlier this year, he said he had no interest in running for president and was instead focused on funding a campaign to impeach President Donald Trump. He has obviously changed his mind — and while still far behind the leading candidates in the polls, has now qualified for the October Democratic debates, even though he wasn't on stage for the debate held in Houston last week.

Continue Reading
 
 
Help Raw Story Uncover Injustice. Join Raw Story Investigates for $1. Go ad-free.
close-image