Investing.com – Harley-Davidson stock (NYSE:) climbed more than 8% Monday as the company is seen as a beneficiary of the tariff deal reached two days ago between the U.S. and EU.

This deal will likely reduce supply chain pressures as well as high steel and metal prices.

The company called it “an important course correction in U.S.-EU trade relations”.

Although the tariffs would remain in place, this new arrangement would allow limited European imports to be allowed into the United States without incurring any tariff. The EU would also drop its retaliatory tariffs in return.

This iconic manufacturer of motorcycles was also among those U.S. firms that were subject to EU retaliatory tariffs after Trump Administration imposed levies against steel and aluminum imports.

In 2018, the US administration placed a 25% tariff upon European steel and a 10% tariff on aluminum. In 2018, the US imposed a 25% tariff on European steel and 10% on aluminum. The EU responded with tariffs of up to $7.8billion in U.S. exports.