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EU delays retaliatory tariffs until Aug. 1; Canada and Mexico receive new tariff rates

by National Marine Manufacturers Association 14 Jul 16:48 PDT
EU delays retaliatory tariffs until Aug. 1 © National Marine Manufacturers Association

Yesterday, European Commission President Ursula von Leyen announced the European Union (EU) would further suspend its retaliatory tariffs - set to go into effect today - against American products, including recreational boats.

The retaliatory tariffs were set to go into effect today, but the EU delayed the countermeasures following President Trump's letter to the commission indicating the US would levy a 30% tariff again European products beginning Aug. 1.

Over the weekend, the President announced additional Aug. 1 reciprocal tariffs for Canada and Mexico, among other key trading partners. Products from Canada would see tariff rates hit 35%, while products from Mexico would face a 30% tariff. So far, the administration has indicated that the USMCA-exemption for qualified products would remain.

Read the full article here...

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