The United States and European Union (EU) struck a deal to remove the steel and aluminum tariffs implemented in 2018, resulting in the full removal of the 25 percent retaliatory tariffs imposed on American-made boats and engines entering the EU.
“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,” says Frank Hugelmeyer, president of the National Marine Manufacturers Association (NMMA).
“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.”
According to the NMMA, since 2018, marine manufacturers have suffered from these tariffs, resulting in a 50 percent reduction in exports to the industry’s second largest international market and the loss of hundreds of millions of dollars in revenue.