Politics still influencing the marine industry - MarineBusinessWorld North America newsletter
by Peter Rendle 29 Oct 09:00 PDT
American Flag / Scout Boats © National Marine Manufacturers Association
The U.S. government shutdown, now in its fourth week, is beginning to strain the economy as economists warn that the longer it continues, the more lasting the effects could be.
Roughly 700,000 federal employees have been furloughed, and nearly as many are working without pay. Economists estimate the shutdown is shaving 0.1 to 0.2 percentage points from quarterly GDP growth each week, driven by reduced consumer spending and lost productivity.
The government is shutdown, but U.S. trade and tariff news is not. In the past several days:
1. NMMA officially opposed several Section 232 steel and aluminum inclusions requests.
2. President Trump also noted on social media that he would pause U.S.-Canada trade negotiations and increase the tariff on Canada by 10% due to a campaign advertisement from Ontario Premier Doug Ford.
3. The White House announced trade agreements with Malaysia and Cambodia, and trade frameworks with Vietnam and Thailand.
4. President Trump is in Asia and set to meet with Chinese President Xi Jinping later this week. For the Section 232 inclusion requests, this was the second round of requests - requestors asked the Department of Commerce to subject nearly 700 HTS Codes - including marine products - as derivatives of steel and aluminum and the 50% tariff.
Last week, President Trump announced reciprocal trade agreements and frameworks of agreements with Malaysia, Cambodia, Thailand and Vietnam. However, the deals only reduce existing country-specific IEEPA reciprocal tariff rates for certain products listed in Annex III. Existing IEEPA tariffs and additional duties on all other products remain in effect for all four nations. President Trump will also meet with Chinese President Xi Jinping later this week to continue trade negotiations.
Meanwhile, more than 400 attendees from boat dealerships and marinas have taken advantage of early-bird registration discounts, securing their spots for MRAA's Dealer Week this December in Tampa, Florida. This year's event features an educational lineup designed to help dealers navigate the future of marine retail. Sessions will explore emerging trends in artificial intelligence, evolving consumer behaviour, and technological advancements in reshaping dealership operations. Dealers will gain actionable insights to strengthen their service and parts departments, boost sales and marketing performance, and lead their teams with confidence into the next era of retail.
DAME Design Awards announces 67 nominations from record-breaking field of entries. A total of 146 products originating from manufacturers spanning 37 different countries represents a new high-water mark for the globally recognised competition. Winners will be announced on the first day of the show, November 18, during the official opening. This year, the international jury of the DAME Design Awards comprised 11 leading design and user experts, with a wide range of perspectives covering key leisure marine and superyacht activities.
Last Wednesday's webinar on Tracking and Fleet Monitoring was enlightening, with Mark O'Connell, Globalstar GM for EMEA/APAC, and Christophe Allan, Advanced Tracking CEO, describing how the satellite-based system is helping clients around the world. We heard how charter fleet operators, racing yachts, and private owners are using Globalstar's satellite network to track their yachts, and how two-way Command and Control systems are now available and affordable. Safety regulations, efficiency demands, security risks and insurance requirements were all discussed, and it was shown how tracking and monitoring systems are now an essential requirement. Watch the recording.
More marine industry news from our region at www.marinebusinessworld.com/NorthAmerica updated daily.
Peter Rendle - peter.rendle@worldmarine.media