During its Q1 earnings, Harley-Davidson (HOG) estimated that incremental tariffs on products between China and the U.S. would cost the company $75M-$100M in 2025. Following the White House’s statement this morning, the company now expects a $45M reduction in those tariffs for a total estimated cost of $30M-$55M in incremental tariffs on products between China and the U.S. in 2025. Harley-Davidson’s new expectation assumes that the incremental tariffs on products between China and the U.S. will be 30% from May 12, through August 12, and revert to 145% after the 90-day pause. If the tariff level remains at 30% for the remainder of 2025, the company expects a $65M reduction in the original incremental tariff estimate for a total estimated cost of $10M-$35M in incremental tariffs in 2025. If that $65M reduction occurs, then the company estimates the total impact of incremental tariffs worldwide would range from $65M-$110M in 2025.
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