European Union signals willingness to resolve trade dispute with U.S., including retaliatory tariff
by National Marine Manufacturers Association 4 Feb 2021 08:10 PST
Trade © National Marine Manufacturers Association
Earlier this week, European Union Trade Commissioner Valdis Dombrovskis urged the Biden administration to remove U.S. tariffs on E.U. steel and aluminum, signaling the bloc would end its retaliatory levies on American products, including boats. In response, NMMA applauded the call for a truce between the trading partners, which has hit many American boat builders that export products to the E.U.
Following U.S. imposed tariffs on E.U. aluminum and steel, the trade bloc responded by levying a 25 percent tariff on U.S. boats and engines. Since the tariffs were implemented in 2018, American boat exports to the E.U. - the industry's second largest international market - have decreased by more than 30 percent, costing the industry more than $400 million.
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