According to a recent announcement, ahead of a hearing in the U.S. House of Representatives regarding the Biden administration’s trade agenda, the National Marine Manufacturers Association (NMMA) urged the White House, United States Trade Representative Ambassador Katherine Tai, and Commerce Secretary Gina Raimondo to strike an agreement with the European Union (EU) that prevents a 25% tariff on U.S. boats and engines from doubling to 50% on June 1, 2021.
“The recreational boating industry has seen a 42% decrease in exports to the European Union since 2018 following the introduction of U.S. tariffs on aluminum and steel and the EU’s subsequent retaliatory tariff on boats and engines – an astounding decline that will unfortunately only worsen if Washington doesn’t act swiftly,” said Frank Hugelmeyer, president of NMMA, in the announcement. “Continued tit-for-tat trade policy and tariffs will tie the hands of American marine manufacturers, who rely on this multibillion-dollar export market to support nearly 700,000 jobs and 35,000 businesses across the nation.”
“Recreational boating has been one of few industries to steadily contribute to building back the economy as the nation recovers from the pandemic,” Hugelmeyer said “As the June 1 deadline quickly approaches, NMMA is calling for prompt action to reach an agreement on the ultimate removal of the European Union’s tariffs on our American-made products.”
In March the NMMA reported inventory retail levels being 20% to 60% below normal.