Polaris CEO calls potential tariff increase 'downright catastrophic' for business

Polaris Industries CEO Scott Wine is flagging major financial implications of the White House's plan to increase tariffs.

In a phone call with CNBC Tuesday, Polaris CEO and Chairman Scott Wine flagged major implications of the White House's plan to up tariffs on Chinese goods to 25%, effective Friday night if the U.S. and China aren't able to strike a trade deal. The CEO also said the increased tariffs could erase a third of the company's net income. The company has an employee stock ownership plan, and in this case employees own 5% of the company. Wine underscored the effect it could have on Polaris's stock, and therefore employees.

Shares of Polaris dropped sharply on Monday after the Trump tweet. The stock is up roughly 21% this year. In the last 12 months, Polaris shares are down roughly 15%.

Take one for the team

Well then maybe they'll realize he's not playing around!

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Glenview’s Larry Robbins says he’s shorting 3M shares, likes healthcare stocks: SohnGlenview Capital Management CEO Larry Robbins said at the Sohn Investment Confer...
Source: Reuters - 🏆 2. / 97 Read more »

Beyond Meat CEO: We're focused on the meat industry, not other vegetarian optionsOn Thursday, Beyond Meat made its public market debut on the Nasdaq, trading under the symbol 'BYND.' Any true VEGAN looks at $BYND's product and throws up/Any non VEGAN looks at $BYND's product - and throws up. A real winning combination- NOT $BYND stock is at $60 for one reason only. SCAM erica's BIGFATUGLYBUBBLE is 10000% more bloated than SCAM erica's BIGFATUGLY people
Source: CNBC - 🏆 12. / 72 Read more »