NMMA calls for prompt action to avoid EU retaliatory tariff increase on U.S. boats and engines
by National Marine Manufacturers Association 14 May 07:38 PDT
Trade shipyard © National Marine Manufacturers Association
Ahead of a hearing in the U.S. House of Representatives regarding the Biden administration's trade agenda, 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 that prevents the trade bloc's 25 percent tariff on U.S. boats and engines from doubling to 50 percent on June 1, 2021.
"The recreational boating industry has seen a 42 percent 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. "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."
To read more please go to the original article.