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Harley-Davidson plans to shift its base outside United States

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Harley-Davidson, United States, America, Business news, Automobile news, Car and bike news

Washington: Harley-Davidson plans to shift some motorcycle production away from the US to avoid the “substantial” burden of European Union tariffs.

Last week, the EU imposed retaliatory tariffs on US goods, including bourbon, orange juice and motorcycles, international English news channel reported on Monday.

The measures are a response to new US duties on steel and aluminium imports.

 

Harley-Davidson, United States, America, Business news, Automobile news, Car and bike news

 

Wisconsin-based Harley-Davidson said the increased cost from the tariffs threaten its international sales, which it has been trying to expand.

The company has assembly plants in Australia, Brazil, India and Thailand as well as in the US.

It said it would raise investment in its international plants, though it did not say which ones.

 

Harley-Davidson, United States, America, Business news, Automobile news, Car and bike news

 

“To address the substantial cost of this tariff burden long-term, Harley-Davidson will be implementing a plan to shift production of motorcycles for EU destinations from the US to its international facilities to avoid the tariff burden,” the company said.

Harley-Davidson said it expected the ramp-up in production to take nine to 18 months.

 

Now Harley-Davidson to make more motorcycles outside America:

 

US President Donald Trump tweeted his disappointment at Harvey-Davidson’s decision which he characterised as the company waving the white flag of defeat.

The company’s move is one of the most visible consequences of the trade disputes triggered by Trump’s decision to levy tariffs on steel and aluminium imports.

 

Harley-Davidson, United States, America, Business news, Automobile news, Car and bike news

 

Trump says the duties are necessary to protect the US steel and aluminium industries, which are vital to national security.

They have drawn retaliation from the EU, Canada, Mexico, India and others while driving up the cost of metals for manufacturers in the US.

US companies that range from boat-builders to nail manufacturers have warned about the consequences of escalating trade tensions.

 

Harley-Davidson, United States, America, Business news, Automobile news, Car and bike news

 

However, the tariffs have also helped to spur investment in US steel plants.

For example, British-owned GFG Alliance, has said it plans to invest $5 billion over several years to reopen a shuttered steel plant in South Carolina. The firm says the move will put about 125 people back to work “immediately”.

 

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Mukesh Ambani tops Forbes’ richest Indian list

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New Delhi: Mukesh Ambani remains the richest Indian for the 12th year in a row. He added $4.1 billion to his net worth as Jio, a three-year old telecom unit of his Reliance Industries, became one of India’s biggest mobile carriers with 340 million subscribers.

Another big gainer was infrastructure tycoon Gautam Adani, who jumped eight spots to No. 2. After a nine-year wait, Adani secured permission in June to start work on an Australian coal mine. A resident of Modi’s home state of Gujarat, Adani has ventured into a slew of new businesses from airports to data centers. A $4 billion boost propelled banker Uday Kotak into the top five for the first time. The lower tax rate is expected to boost earnings of his Kotak Mahindra Bank, which saw its shares rise 39% since we last measured fortunes.

There are six new faces this year, including Byju Raveendran, the 38-year-old founder of fast-rising edtech unicorn Byju’s; Manohar Lal and Madhusudan Agarwal of Delhi-headquartered Haldiram Snacks; and Rajesh Mehra, whose family owns the popular Jaquar brand of bathroom fittings. Samprada Singh, founder of Alkem Laboratories, died in July and his fortune is now listed under his family.

The top 10 richest India includes the names of Hinduja brothers, Pallonji Mistry, Uday Kotak, Shiv Nadar, Radhakishan Damani, Godrej family, Lakshmi Mittal and Kumar Birla respectively.

Forbes compiled the list using shareholding and financial information obtained from the families and individuals, stock exchanges, analysts and India’s regulatory agencies.

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