RTTNews | Apr 19, 2021 06:48AM EDT

06:47 Monday, April 19, 2021 (RTTNews.com) - Harley-Davidson, Inc. (HOG) announced Monday that it has received notification from the Economic Ministry of Belgium that it would be subject to the revocation of Binding Origin Information (BOI) credentials, effective April 19, 2021, following a request from the European Union (EU).

Harley-Davidson said it will be lodging an immediate legal challenge to this decision.

Since 2019, the company has operated with BOI regulatory credentials, allowing it to supply its EU markets with certain motorcycles produced at its international manufacturing facilities at tariff rates of 6%.

The EU's new ruling will apply to the entire Harley-Davidson product portfolio and will effectively prohibit the company from functioning competitively in Europe.

From June 2021, all Harley-Davidson products, regardless of origin, will be subject to a 56% import tariff within the EU.

In 2018, the European Union placed a 25% incremental tariff (31% total tariff) on motorcycles imported into the EU from the U.S., effective June 22, 2018. The tariff is scheduled to increase to a 50% incremental tariff (56% total tariff) effective June 1, 2021.

European OEMs, including motorcycle manufacturers, will continue operations with significantly lower import tariffs to the U.S. ranging from 1.2% for up to 800cc products to 2.4% for over 800cc products, and with automobiles at 2.5%.

Read the original article on RTTNews ( https://www.rttnews.com/3185893/harley-davidson-to-vigorously-defend-itself-following-aggressive-eu-tariff-ruling-quick-facts.aspx)

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