Trade war continues but progress being made - MarineBusinessWorld North America newsletter
by Peter Rendle 14 May 2025 08:00 PDT
Recreational Boating Economic Indicators © National Marine Manufacturers Association
Following talks over the weekend in Geneva, Switzerland, the U.S. and China agreed to a 90-day pause on the ongoing trade war between both countries.
Under the newly announced agreement, the previous 125% tariff on Chinese imports will be reduced to the baseline rate of 10% beginning May 14. The 20% tariff levied by the U.S. in February on China under the International Emergency Economic Powers Act remains in effect, as well as 25% tariffs on steel and aluminum (Sec. 232) and all tariffs imposed under President Trump's first term.
As the U.S. recreational boating industry moved into the first quarter of 2025, new data from NMMA's Monthly Recreational Boating Industry Data Summary report paints a complex picture — defined by ongoing retail softness, cautious optimism, and a watchful eye on economic indicators that continue to shape consumer behaviour. In the 12-month period ending February 2025, total new powerboat retail unit sales declined 7.4% year-over-year to 233,737 units. Wholesale shipments saw a steeper drop, down 13.0%, reflecting continued inventory recalibration by manufacturers and dealers alike.
Recreational boating will take center stage on May 24 with the return of World Boating Day, an international celebration that unites the global boating community while welcoming new audiences to experience the lifestyle. This annual event presents an opportunity to unite as an industry to foster positive connections with current and future boaters through local, in-person and online events. Across the globe, marine dealerships, yacht clubs, rental operators, waterfront communities and more host open houses, on-water demos, and educational experiences designed for every interest level.
Innovations next! A pioneering step toward zero-emission offshore performance Team Malizia, led by world-renowned skipper and climate advocate Boris Herrmann, has unveiled a hybrid-electric propulsion and energy system aboard its IMOCA 60 race yacht. Set to compete in the upcoming The Ocean Race Europe, the yacht is one of the first in the class to integrate an electric drive system — pushing the boundaries of sustainable offshore racing by minimizing reliance on fossil fuels.
Vision Marine Technologies (NASDAQ: VMAR), a company specializing in electric marine propulsion systems, announced this week it filed a new U.S. patent application with the United States Patent and Trademark Office for software-driven overload protection of cooling-pump motors integrated within the Company's proprietary E-Motion™ high-voltage powertrain.
Sea.AI, the pioneer in artificial intelligence for maritime vision, is making significant strides toward next-generation situational awareness by integrating award-winning radar perception software, Tocaro Blue's ProteusCore™, into its AI-driven navigation platform. The collaboration will dramatically enhance object detection, identification, and decision-making in all visibility conditions, delivering a new standard of safety for vessels worldwide.
Expansions now: Denison Yachting is excited to announce an exclusive partnership with JFA Yachts. Denison will represent the French shipyard's sail and power catamarans under the Long Island brand globally, with initial focus on the 70-100' range. JFA Yachts' Long Island catamarans are renowned for their round the world and transatlantic capability. This is possible due to their aluminum hulls and extreme focus on lightweight construction.
MasterCraft Boat Holdings (NASDAQ: MCFT) announced financial results for its fiscal 2025 third quarter ended March 30. The overview, commentary, and results provided relate to continuing operations, which exclude the former Aviara segment.
Peter Rendle - peter.rendle@worldmarine.media