The Wall Street Journal reports that Beijing will lower import tariffs on frozen pork, pharmaceuticals and some high-tech components starting Jan. 1.
The agreement cancels tariffs on some products and reduces others by half.
The new agreement could help many U.S. marine businesses that import products and source parts from China.
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.
The American Sportfishing Association is encouraging members to apply immediately.
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.
U.S. manufacturers have three potential avenues for tariff removal.
The American Sportfishing Association told the U.S. Trade Commission that a reduction in sales would harm conservation.
But existing EU tariffs on U.S. boats continues to be “particularly devastating,” according to NMMA.
Investors and manufacturers are nervous as the trade war with China escalates, anticipating consumers will ultimately bear the brunt.
The announcement by the Trump administration that it might increase tariffs against China prompted fears of an extended trade war between the two countries.
Chuck Grassley, R-Iowa, says in WSJ op-ed that the new Nafta “is dead” as long as constituents pay the price for retaliatory tariffs.
The NMMA and six other non-marine associations sent a joint letter to President Trump, asking him to refrain from tariffs on imported automobiles.