Tariff announcements impact the sportfishing industry
by Mike Leonard 4 Mar 09:03 PST
Over the past week, the Trump Administration has taken several actions related to trade that will impact the sportfishing industry. These include new tariffs on critical components used in the manufacturing of sportfishing tackle and accessories.
Citing failures to adequately address fentanyl shipments, President Donald Trump announced that the February 1 previously announced, and subsequently delayed, 25% tariffs on imports from Canada and Mexico will come into effect on March 4, 2025. He also stated that the 10% additional tariff on Chinese imports that went into effect on February 4 would be increased to 20% on March 4, 2025.
Separately, on March 2, President Trump issued two Executive Orders suspending the elimination of Section 321 de minimis entry for goods of Canadian and Mexicanorigin. De minimis entry will remain available for products of both nations until Commerce Secretary Howard Lutnick notifies the President that "adequate" systems are in place to "expeditiously" process entries and collect applicable tariff revenue. This follows a similar modification to the de minimis prohibition contained in the February 1 Executive Order that imposed additional tariffs on China.
De minimis entry exempts products with an aggregate fair retail value of less than $800 from taxes and duties. In the case of sportfishing equipment, excise taxes and import duties would be deposited into the Sport Fish Restoration Fund, which grants the money back to states and territories for fisheries conservation.
Regarding previously announced tariffs on aluminum products, including fishing reels, reel accessories and landing nets, the regulation to implement these tariffs is scheduled to be published on March 5. The unpublished version is available to view here. The order now covers imports from all countries equally,?including Canada and Mexico. View ASA’s policy alert for more information on the aluminum tariff announcement.
ASA continues to monitor these rapidly changing trade policies and inform our members of how they may be affected. If you have any questions, please contact VP of Government Affairs, Mike Leonard.