Article

In a significant development for American marine manufacturers, the United States and the European Union have reached a trade agreement that spares U.S.-made recreational boats and marine engines from a new round of retaliatory tariffs.

President Trump announced the deal Sunday, July 27, establishing a 15% baseline tariff on European imports while allowing for targeted exemptions in key industries. In return, the European Union agreed to suspend its previously announced 30% retaliatory tariffs on American products, including recreational vessels.

This outcome marks a reprieve for U.S. boat and engine builders, who export more than $2.3 billion in marine products annually to markets around the world. The EU is one of the largest destinations for American-made boats, making tariff stability critical to U.S. competitiveness.

Statement by Frank Hugelmeyer, NMMA President and CEO:

"We applaud President Trump and the European Union for reaching an agreement that protects U.S. recreational boats and engines from additional retaliatory tariffs.

The United States is the world's largest recreational boating market. Preserving access to global markets is essential to sustaining the $2.3 billion in annual exports of U.S. boats and marine engines. We appreciate today’s outcome, which represents a shared commitment to business certainty and a stable trading relationship."

The agreement follows months of global trade discussions and comes just days ahead of the United States’ August 1 deadline to implement sweeping reciprocal tariffs against several trading partners. NMMA continues to monitor international trade developments closely and will provide members with further updates as additional details become available.