The United States and European Union (EU) announced Saturday the parties had struck a deal to remove steel and aluminum tariffs, resulting in the full removal of the 25 percent retaliatory tariffs imposed on American-made boats and engines entering the EU. Since the tariffs were implemented in 2018, the NMMA team has dedicated significant attention and resources to resolving this issue.
The suspension of the retaliatory tariffs comes as welcome news for American boat builders, who have long been subject to these punitive tariffs.
“Since their first days in office, President Biden and Ambassador Tai have been committed to resolving the U.S., EU trade dispute that has harmed the American boat building industry, and today we applaud and thank them for delivering on this promise,” said Frank Hugelmeyer, president of the National Marine Manufacturers Association. “America’s boat builders were collateral damage of this tit-for-tat trade conflict for more than three years, resulting in a 50 percent reduction in exports to our industry’s second largest international market and the loss of hundreds of millions of dollars in revenue.
“This agreement is a momentous victory for the recreational boating industry – which represents the largest segment of the $788 billion outdoor recreation industry, supporting nearly 700,000 U.S. jobs and over 35,000 businesses. Thanks to the leadership of President Biden and his administration, we are no longer saddled with a structural disadvantage to international competitors.”
The NMMA team has prioritized working alongside the Biden administration and the office of U.S. Trade Representative Ambassador Katherine Tai, pressing them to reach an agreement with their EU counterparts. Over the course of several months, the NMMA team has met with U.S. Trade Representative Ambassador Tai to discuss the importance of reaching a resolution on these tariffs.
Since 2018, marine manufacturers have suffered from these tariffs, resulting in a 50 percent reduction in exports to our industry’s second largest international market and the loss of hundreds of millions of dollars in revenue.
In the weeks to come, NMMA will continue navigating the trade landscape and issues affecting marine manufacturers and American businesses, including resolving the United Kingdom’s countermeasures. If you have questions, please contact NMMA’s director of federal government relations, Clay Crabtree at email@example.com