U.S. and EU strike deal to remove retaliatory tariffs on American boats entering Europe
by National Marine Manufacturers Association 2 Nov 2021 09:54 PDT
Trade ships © National Marine Manufacturers Association
The United States and European Union (EU) announced Saturday the parties had struck a deal to remove steel and aluminum tariffs, resulting in the full removal of the 25 percent retaliatory tariffs imposed on American-made boats and engines entering the EU. Since the tariffs were implemented in 2018, the NMMA team has dedicated significant attention and resources to resolving this issue.
The suspension of the retaliatory tariffs comes as welcome news for American boat builders, who have long been subject to these punitive tariffs.
"Since their first days in office, President Biden and Ambassador Tai have been committed to resolving the U.S., EU trade dispute that has harmed the American boat building industry, and today we applaud and thank them for delivering on this promise," said Frank Hugelmeyer, president of the National Marine Manufacturers Association. "America's boat builders were collateral damage of this tit-for-tat trade conflict for more than three years, resulting in a 50 percent reduction in exports to our industry's second largest international market and the loss of hundreds of millions of dollars in revenue.
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