Int'l Boating Industry Stakeholders urge President-Elect Biden to resolve U.S., E.U. Trade dispute
by National Marine Manufacturers Association 5 Jan 2021 05:48 PST
International Boating Community urges US, EU trade officials to remove tariffs on boats © NMMA
Late last month, NMMA, the European Boating Industry (EBI), and the International Council of Marine Industry Associations (ICOMIA) sent a letter to President-Elect Joe Biden congratulating him on his election victory and calling on him to swiftly address trade relations between Europe and the U.S. Following the Trump administration's Section 232 tariffs on aluminum and steel imports, the E.U. responded by levying a 25 percent retaliatory tariff on a range of American made products - including boats and engines - which has significantly reduced U.S. boat exports to Europe.
"As you are aware, the U.S. section 232 steel and aluminum tariffs caused a ripple effect, not only increasing the price of raw materials for manufacturers, but resulting in retaliatory action by our top trading partners, such as the E.U," wrote the organizations. "Since 2018, the E.U. placed a twenty five percent retaliatory tariff on U.S. boat exports, decimating our industries top export market. Exports are down over forty percent year over year, resulting in over a $400 million loss to U.S companies. The impact of these tariffs is also seen in Europe, as it has disrupted retail sales and distribution networks."
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