European Union Signals Willingness to Resolve Trade Dispute with U.S., Including Retaliatory Tariff on Boats
Earlier this week, European Union Trade Commissioner Valdis Dombrovskis urged the Biden administration to remove U.S. tariffs on E.U. steel and aluminum, signaling the bloc would end its retaliatory levies on American products, including boats. In response, NMMA applauded the call for a truce between the trading partners, which has hit many American boat builders that export products to the E.U.
Following U.S. imposed tariffs on E.U. aluminum and steel, the trade bloc responded by levying a 25 percent tariff on U.S. boats and engines. Since the tariffs were implemented in 2018, American boat exports to the E.U. – the industry’s second largest international market – have decreased by more than 30 percent, costing the industry more than $400 million.
Eliminating the 25 percent retaliatory tariff on boats has been a top priority of the U.S. and E.U. recreational boating industry. During President Biden’s transition, NMMA, the European Boating Industry (EBI), and the International Council of Marine Industry Associations (ICOMIA) sent a letter to the incoming American president, urging on him to swiftly address trade relations between Europe and the U.S.
NMMA will continue to work with stakeholders to remove the 25 percent tariff on American boats.
For more information, please contact NMMA director of federal government relations, Clay Crabtree at [email protected].