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.
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.