Quick Hits: May 29, 2020
Sea Tow Foundation adds marine industry stakeholders to to council, Suzuki announces new 115- and 140-hp outboards, and ABYC takes classrooms virtual in 2020.
Tariffs/Trade
Downstream Effects of Upstream Tariffs
For manufacturers, studies show that the damage caused by tariffs far outweighs the benefits.
NMMA: Recent trade agreements positive but not enough
The USMCA and a “Phase One” tariff agreement with China are a good start, the trade association said, but much more needs to be done.
Good News and Bad
Yesterday’s U.S.-China trade agreement eases tariff rates on some imported marine products, but tariffs on more than 400 boating products will not change.
China announces it will cut tariffs on some goods amid trade talks
The Wall Street Journal reports that Beijing will lower import tariffs on frozen pork, pharmaceuticals and some high-tech components starting Jan. 1.
Trump administration and China reach initial deal on tariffs
The agreement cancels tariffs on some products and reduces others by half.
‘Phase one’ of China tariff relief could happen this week
The new agreement could help many U.S. marine businesses that import products and source parts from China.
House and White House reach deal on USMCA
Senate republicans say they won’t pass trade deal during impeachment trial.
Metstrade 2019: U.S. ambassador hears about the impact of EU tariffs
Pete Hoekstra, a former Congressman whose district included S2 Yachts and Four Winns, learns about the economic hardships the EU tariffs have caused to some U.S. boat builders.
Tariff exclusion process on fishing tackle starts today
The American Sportfishing Association is encouraging members to apply immediately.
What the initial U.S.-China trade agreement means
NMMA details marine industry implications.
New round of tariffs targets boating equipment
Fishing and boating gear imported from China will attract a 10 percent duty.
U.S. boat and engine exports up 15 percent in 2018, despite tariffs
Tariffs did curtail exports by 24 percent to Canada, Mexico and the European Union during the second half of the year, according to an NMMA report.
Section 301 List 3 Tariff Exclusion Requests Close Sept. 30
U.S. manufacturers have three potential avenues for tariff removal.
President Trump delays next round of tariffs
The United States and China are restarting trade talks.
From toilet makers to fishermen
An analysis by The Washington Post says the diversity of companies testifying against tariffs should grab the president’s attention.
NMMA says tariffs could compromise boating safety
A 25 percent duty on PFDs could cause families to consider “cheaper options.”
Group wants fishing equipment excluded from next round of tariffs
The American Sportfishing Association told the U.S. Trade Commission that a reduction in sales would harm conservation.
Trump to impose 25 percent tariff on Mexico
The move is designed to stop border crossings, but threatens the new North American trade agreement.
Correct Craft CEO meets with Vice President Pence
Bill Yeargin discussed trade with the vice president and members of Congress.
One step forward: Cancelled tariffs from Canada and Mexico welcomed by industry
But existing EU tariffs on U.S. boats continues to be “particularly devastating,” according to NMMA.
ABC 2019: “Tariffs are taxes that are paid by U.S. companies”
Investors and manufacturers are nervous as the trade war with China escalates, anticipating consumers will ultimately bear the brunt.
Canada tariff repeal a relief for U.S. and Canadian marine industries
The announcement by the Trump administration that it might increase tariffs against China prompted fears of an extended trade war between the two countries.