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Close but no Cigar

#1_Tariff_Shipping containers

Though the Biden administration and the European Union agreed to a four-month pause on aircraft and non-aircraft product tariffs last week, the accord does not reduce the 25 percent retaliatory tariff on American boat exports to the E.U., the National Marine Manufacturers Association reported.

U.S. Section 232 tariffs on steel and aluminum also are not lifted under last week’s agreement.

In its statement, NMMA said it is disappointed that the United States and E.U. have not ended the retaliatory tariff on American-made boats, which is slated to increase to 50 percent June 1.

The tariffs went into effect in 2018, and since then, U.S. boat exports to the E.U. — the industry’s second largest international market — have decreased by 42 percent. NMMA said it will continue to work with Congress and the Biden administration to end the tariffs.

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