Three major boating advocacy groups are urging an end to retaliatory tariffs on U.S.-built boats entering the European Union, saying that the levy has prompted a 30 percent decline in U.S. boats exported to Europe.
The National Marine Manufacturers Association, the International Council of Marine Industry Associations and European Boating Industry sent a letter to the United States and the EU applauding recent progress on trade negotiations, and pressed officials to end the 25 percent retaliatory tariff on U.S.-built boats entering Europe, according to NMMA.
“Since 2018, the United States’ worldwide steel and aluminum tariffs have resulted in the EU’s 25 percent tariff on recreational boats, which has resulted in a 30 percent overall decline in U.S. boat exports to the EU, costing U.S. manufacturers more than $400 million since the retaliatory tariff went into effect,” stated the letter sent to U.S. Trade Representative Robert Lighthizer and the European Commission. “It has also impacted European consumers with higher prices and European companies, such as importers, dealers, after-sales and services, that sell these products.”
“To ensure free and fair trade, we strongly urge the U.S. and EU to simply build upon recent progress, recognize the harmful effects of the current trade dispute on our sector, and focus on achieving a swift and reasonable resolution to end the EU’s tariffs on boats and U.S. tariffs on aluminum and steel,” the letter continued.
Read the whole letter here.