Apr. 15 at 11:11 AM
$HIHO Highway Holdings sees no 'material impact' from recent U.S. tariffs
Highway Holdings confirmed it does not expect a material impact from the recent imposition of higher U.S. tariffs on imports into the U.S. from China. The company had less than 4% of its total products exported to the U.S. over the last twelve months, with approximately 3% from China and approximately 1% from Myanmar, and the company has no present dependence on the U.S. market. Roland Kohl, chairman, president and CEO of Highway Holdings, commented, "The recent imposition of higher tariffs worldwide by the U.S., and on imports from China in particular, has caused undue concern for our shareholders regarding the impacts on the Company.
The reality is that almost all of our revenue is generated from customers in Europe, with less than 4% of our products exported to the U.S. over the last twelve months and no dependence on the U.S. market. The other reality is that higher tariffs on imports from China into the U.S. should help to improve our business in Myanmar, as Chinese companies affected by these tariffs may look to shift production to countries like Myanmar, which has substantially lower tariff rates.
As a result, this is a very exciting time because such actions may benefit rather than harm a truly international company such as we are. We hope this helps clarify our unique position for shareholders as they continue to support the company."
