The CEO of manufacturing company Polaris is calling an impending tariff increase a catastrophe for his 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%.
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