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Yesterday, European Commission President Ursula von Leyen announced the European Union (EU) would further suspend its retaliatory tariffs – set to go into effect today – against American products, including recreational boats. The retaliatory tariffs were set to go into effect today, but the EU delayed the countermeasures following President Trump’s letter to the commission indicating the US would levy a 30% tariff again European products beginning Aug. 1.

Over the weekend, the President announced additional Aug. 1 reciprocal tariffs for Canada and Mexico, among other key trading partners. Products from Canada would see tariff rates hit 35%, while products from Mexico would face a 30% tariff. So far, the administration has indicated that the USMCA-exemption for qualified products would remain.

Currently, Canada is delaying additional retaliatory tariffs against the U.S., while Mexico has yet to take any countermeasures to the escalating tariff announcements. Trade negotiators from respective countries will continue meeting in an effort to stave off the escalating tariffs from taking effect on Aug. 1.

NMMA will continue working with the administration, Congress and industry partners to ensure U.S. trade policy is targeted, balanced and aligned with the needs of American manufacturers.

For more information, contact NMMA’s Clay Crabtree, Senior Director of Public Policy, at?[email protected].