The National Marine Manufacturers Association and NMMA Canada both applauded the Canadian government’s decision to remove all retaliatory tariffs on U.S. recreational boats entering Canada. The Canadian government has levied 10 percent tariffs on U.S.-built boats since last summer, causing severe disruptions for US boat builders and their Canadian dealers. NMMA and NMMA Canada called the decision “a momentous step in the right direction for the North American marine industry.”
The order to lift the tariffs applies to all boats imported on or after April 30, 2019.
“The Canadian government’s order to remove its crippling retaliatory tariffs on U.S. boats is undoubtedly the most positive development for our industry since the global trade war began more than a year ago,” said NMMA president Thom Dammrich in a statement. “We are elated by Canada’s decision to end this penalty on American boat imports – a market that accounts for the largest share of U.S. boat exports at nearly 35 percent – and we look forward to fully restoring our trade relationship immediately. As such, we call on the Trump administration to resolve its Section 232 tariffs on aluminum and steel and urge Congress to swiftly ratify the United States-Mexico-Canada agreement (USMCA)."
NMMA Canada President Sara Anghel said Canadian marine businesses suffered “unintended consequences,” of higher boat prices because of the tariffs. “Eliminating retaliatory tariffs on U.S. boats has been the entire industry’s top priority for nearly a year,” she said. “This action is a monumental win for all of us.”
In other tariff news, President Donald Trump announced last Friday that tariffs on $200 billion of products from China will be raised to 25 percent this Friday if negotiators do not reach a trade deal. Trump accused Chinese officials of trying to “renegotiate” a potential deal. The president also threatened to levy $325 million duties on other Chinese goods “shortly.”
Government officials in China said they were considering skipping trade talks after the Trump threat. Following the news, the Dow Jones fell more than 300 points on fears of a trade war.