EU Dealers cancel boat orders in retaliation to US tariffs
Marine industry associations from over 30 countries met in Berlin last week in order to discuss the US marine industry’s reaction to the tariffs. The event was led by Nicole Vasilaros, government and legal affairs council for the National Marine Manufacturers Association (NMMA).
The tariffs, which include a 25% tax on steel and a 10% tax on aluminium, threaten the stability of trade between the US and EU, as well as supply chains within the US itself. Boat building costs are also going to be disturbed, creating a shake up in the industry that nobody wanted.
Retaliation from the EU, Canada and Mexico has been brewing since the tariffs were announced in May. The chief executives of NMMA and the International Council of Marine Industry Associations (ICOMIA) also stated that they would be sending a second letter to the Trump Administration this week, urging the tariffs to be dropped due to the negative impact on global marine trade they present.
Canada has already taken action and imposed a 10% import duty on US boats, an example which the EU is keen to follow, as the EU has drafted a list of US goods that can be expected to receive retaliatory tariffs. The majority of targeted products are likely to be related to leisure boats and related products, with tariffs up to 25% expected on motorboats, sailboats, pleasure boats and more. The full list is expected to be finalised on Thursday.
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