Fox Business Network's Charles Payne said Tuesday he believes Harley-Davidson is using the Trump administration's tariffs as "cover" for moving production overseas. 

The iconic American motorcycle maker has drawn the ire of President Trump by citing new tariffs on European Union products as the reason for moving production to Thailand, India and Brazil.

Charles Payne, host of "Making Money with Charles Payne," said he does not buy the company's reasoning, arguing the plans to shift production were "old news."

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He said Trump has a "legitimate beef" with the company, since their existing plan was to close a Kansas City plant as part of a goal to have 50 percent of their production outside the U.S. by 2027.

"They’re using the cloak, the cover of the tariff dispute, as a way to get some heat off themselves," said Payne, explaining that unions are upset with the company for closing the plant after saving $25.2 million in one quarter due to the administration's tax cuts.

Payne explained that it will cost the company $200 million to close the Kansas City plant and open a new one in Thailand. Trump blasted Harley-Davidson in remarks Tuesday afternoon, accusing them of using the tariffs as an "excuse."

"I don't like that because I've been very good to Harley-Davidson. ... I think the people that ride Harleys are not happy with Harley-Davidson, and I wouldn't be either," he said at the White House.

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