The Trump Administration and China last week reached a deal, known as the Partial Trade Agreement, to de-escalate the trade war, a move that was applauded by the marine industry.
“We are grateful that the U.S. and China reached an initial deal to de-escalate the trade war, which cancels a range of tariffs on marine products that were scheduled to take effect over the weekend and slashes in half existing tariffs on certain fishing gear and tackle, inflatables and water sports equipment,” Nicole Vasilaros, National Marine Manufacturers Association government and legal affairs senior vice president, said in a statement.
The NMMA included a breakdown of the agreement in its newsletter, Currents. List 4A would reduce a 15 percent tariff, which went into effect Sept. 1, to 7.5 percent. The products on this list include floating docks, fishing equipment, wake equipment and other water sports equipment. The exclusion process for products on List 4A remains open until Jan. 31.
A 15 percent tariff set to go into effect Dec. 15, known as List 4B, would be cancelled. Products on this list include personal flotation devices and fishing tackle.
Lists 1 through 3 would have no changes in tariffs, keeping them set at 25 percent. Those lists include anchors, antenna receivers, boats, fiberglass, fishfinders, fuel injection pumps, propellers, rope, seats, trailer tires, and miscellaneous plastic metal and rubber parts.
“While several of the agreement’s details continue to remain under wraps, including when the existing tariffs will be rolled back, we are disappointed that the administration has kept in place the 25 percent tariff on approximately $250 billion worth of products,” Vasilaros said. “This deal is not the finish line, and the recreational boating industry will celebrate only after all tariffs on more than 400 commonly used marine items are lifted. It is vital that the administration capitalizes on this first step and strikes a comprehensive agreement that eliminates tariffs and puts American businesses and workers on a level playing field.”