Correct Craft CEO Bill Yeargin’s op-ed in yesterday’s SunSentinel presented the impact of recent tariffs on the U.S. boating industry to a mainstream audience. Yeargin wrote about how a trade war with our largest trading partners is already causing damage to the industry. “The president and economic nationalists see these actions as essential to protecting U.S. interests and jobs, but many manufacturers and businesses see this trade war negatively impacting our economy. jobs and consumers,” wrote Yeargin. “And, as in any war, it is scary on the front lines.”
Yeargin wrote about how the boating consumer is “particularly sensitive” to price increases. “If that customer decides not to buy because the product is now more expensive, or just out of frustration from the higher price, that will put jobs at U.S. factories and dealerships at risk,” he wrote. He also said that companies like Correct Craft that are heavily reliant on exports will suffer from retaliatory tariffs from the E.U. Canada and Mexico, which account for 70 percent of the company’s exports.
Those retaliatory tariffs start July 1 on U.S. boat exports into the E.U. and Canada.
Yeargin also wrote that the situation is made worse by uncertainties faced by suppliers, manufacturers, distributors and customers feel. “That,” he wrote, “tends to further freeze markets.”
“The administration has done a masterful job of concentrating the world’s attention on free and fair trade. We now need to use this new focus to “close the deal” and avoid a trade war that could be devastating to many U.S. businesses, jobs and families,” he concluded.