The United States and the European Union (EU) have announced an agreement to remove tariffs on steel and aluminum, resulting in the complete removal of retaliatory 25% tariffs on incoming American-made boats and engines. in the EU. Since the tariffs implemented in 2018, the NMMA team has devoted considerable attention and resources to addressing this issue.

The suspension of retaliatory tariffs is good news for American shipbuilders, who have long been subjected to these punitive tariffs.

“From their earliest days in office, President Biden and Ambassador Tai have been committed to resolving the US-EU trade dispute that has harmed the US shipbuilding industry, and today , we applaud them and thank them for keeping this promise, ”said Frank Hugelmeyer. , president of the National Marine Manufacturers Association. “American boat builders have been the collateral damage of this trade dispute on both sides for over three years, resulting in a 50% reduction in exports to our industry’s second largest international market and the loss of hundreds. millions of dollars in revenue.

“This agreement is a momentous victory for the boating industry – which represents the largest segment of the outdoor recreation industry at $ 788 billion, supporting nearly 700,000 jobs in the United States and more of 35,000 companies. Thanks to the leadership of President Biden and his administration, we no longer face a structural disadvantage compared to international competitors. “

Since 2018, boat manufacturers have suffered from these tariffs, resulting in a 50% reduction in exports to our industry’s second-largest international market and the loss of hundreds of millions of dollars in revenue.

Bill Yeargin, CEO of Correct Craft and Nautical industry The ELEVATE panelist on the State of America’s Boating Industry said this about the deal:

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“The trade war of the past few years has created a significant headwind for the boating industry. The boating industry fought the trade war on two fronts; first because of the increase in tariffs on imported parts and secondly with the retaliatory tariffs imposed on ships by Canada and the EU. In our Correct Craft businesses alone, the trade war has cost us millions a year. I cannot stress enough the importance of this development.

“I applaud the NMMA team for working hard to gain both visibility and resolution of this issue. I applaud the Biden administration for making the removal of these retaliatory tariffs a significant issue in their negotiations with the EU The end of these tariffs will make the nautical industry stronger than ever!


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