Motorcycle manufacturer Harley-Davidson plans to transfer production for its European customers overseas to dodge up to $100 million in annual retaliatory tariffs, according to Reuters.
Here are four things to know about the move:
1. President Donald Trump called out the company on Twitter June 25, the same day Harley made the announcement.
"Surprised that Harley-Davidson, of all companies, would be the first to wave the White Flag. I fought hard for them and ultimately they will not pay tariffs selling into the E.U., which has hurt us badly on trade, down $151 Billion. Taxes just a Harley excuse - be patient!"
2. The tweet came after Harley said it wouldn't pass price increases onto the European Union, instead opting to move some production out of the U.S. The EU began charging the company a 25 percent import duty on June 22, after the U.S. imposed steel and aluminum tariffs on EU imports earlier in June, according to Reuters.
3. Harley said it will take at least nine to 18 months to increase its overseas production at three plants in Brazil, India and Thailand. The company revealed plans to build the Thailand facility after President Trump pulled out of the Trans-Pacific Partnership.
4. Harley shares were down almost 6 percent June 25, according to the report.