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Rapid City businessman John Tsitrian notes that between the Pope’s visit and saving the planet in Europe, President Biden also lifted Harley-Davidson from the rubble of the previous administration’s trade war. :
… just as the culture associated with HD is infatuated with the former president, Trump’s nemesis Joe Biden has actually fought for American manufacturers like Harley-Davidson, forging a deal that gives them a good boost in the international business arena. The gist of the deal is that Biden and the EU have agreed to end a dispute over steel and aluminum tariffs that were imposed in 2018 by – guess who? Yeah. That guy who loved bikers in the White House at the time, Donald Trump.
These tariffs made Harley-Davidson products uncompetitive in Europe, so the Biden deal should do Harley-Davidson a lot of good. Traders were euphoric on Wall Street, with HOG (Harley’s ticker symbol) gaining nearly 9% on November 1, the first trading day after the deal was announced.
… In a press release released last weekend by Harley-Davidson, CEO Jochen Zeitz said: “Today’s news is a great victory for Harley-Davidson and our customers, employees and dealers in Europe. Our thanks go to President Biden, Secretary Raimundo and the US administration for their efforts in this negotiation. We’re delighted that this brings an end to a conflict that was beyond our control and in which Harley-Davidson had no place. ” [John Tsitrian, “Bikers Take Note: Harley-Davidson Just Scored a ‘Big Win’ in President Biden’s Tariff Deal with the European Union,†South Dakota Standard, 2021.11.06].
Biden’s tariff cut with Europe will more than strengthen America’s largest motorcycle maker. This will help get Americans back to work and control inflation:
Dennis Slater of the Association of Equipment Manufacturers (AEM) told the Milwaukee Business Journal in August that tariffs have caused the price of steel in the United States to rise very rapidly. This has resulted in increased costs for American manufacturers who use steel and made them less competitive with manufacturers in other countries, Slater said.
The new deal will help cope with steel shortages and soaring prices that have hurt equipment makers, while tackling China’s overcapacity and preventing Chinese steel from leaking into the market. American, the MEA said in a statement on Saturday evening. The organization hopes both sides build on the momentum of the deal to remove remaining barriers to free and fair trade, Slater said.
“President Biden deserves a lot of credit for returning to the negotiating table with our European partners and reaching an agreement which, while not perfect, goes a long way towards restoring free and fair trade across the Atlantic. “Slater said. “Tariffs on steel and aluminum have increased the cost of producing American agricultural and construction equipment, cost our industry thousands of jobs, and hurt the US economy.” [Rich Kirchen, “Biden’s EU Tariff Deal ‘Big Win’ for Harley-Davidson; May Provide Relief for Other Manufacturers,†Milwaukee Business Journal, 2021.10.31].
There are well-founded conservative concerns that President Biden’s deal with the European Union leaves too much room for Trump’s costly, job-bad, anti-free market trade policy. But the the Wall Street newspaper recognizes that undoing even part of Trump’s trade mistakes is good for the United States and Europe. It’s also good for the planet:
The two major economies pledged to work together “to achieve decarbonization of the global steel and aluminum industries in the fight against climate change,” the European Commission said in a statement.
The manufacture of steel and aluminum is among the largest emitters of carbon in the world.
Under the terms of the agreement, “dirty steel†made in China will be banned from entering the US and European markets. China’s lack of environmental standards is part of what drives its costs down and is a major contributor to climate change [“US, EU Agree on Steel Tariffs to Help on Climate Change,†Aljazeera, 2021.10.31].
… And for international relations:
Biden and European Commission President Ursula von der Leyen said in a joint appearance at the Group of 20 summit that the deal represented a renewed partnership on economic and environmental issues.
… Von der Leyen continued to smile at Biden and call him ‘dear Joe’ as they discussed the deal, a clear sign that the US president had made progress in repairing relations with Europe after the partnership suffered. during the Trump years.
“It will be a big step forward towards climate neutrality and it will ensure a level playing field,” she said, adding that the agreement was part of a renewed and forward-looking agenda with states. -United. [Zeke Miller and Josh Boak, “US, EU Say Deal on Steel Tariffs Will Help on Climate Change,†AP, 2021.10.31].
Speaker: good for Harley, good for world harmony.
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