UNDATED— On May 17 the United States and European Union announced an agreement to suspend the looming tariff increase on U.S. boats and engines making their way to the E.U. The agreement came just days before June 1, when the 25 percent tariff was scheduled to increase to 50 percent.
The effort was coordinated by the European Boating Industry (EBI), National Marine Manufacturers Association (NMMA), and the International Council of Marine Industry Associations (ICOMIA).
“On behalf of the 35,000 businesses and 700,000 American jobs supported by our industry, we are grateful that U.S. and E.U. negotiators reached an agreement to prevent the doubling of retaliatory tariffs on uniquely American-made industries like boat building,” said Frank Hugelmeyer, president of the NMMA, in a released statement. “The existing 25 percent tariffs on American boats heading to Europe have slashed our industry’s exports to the trading bloc – our second largest international market – in half and doubling them would have essentially eliminated our remaining European exports.”
NMMA said their team will continue engaging with negotiators on both sides of the Atlantic and its European counterparts the weeks and months ahead to ensure the industry’s concerns are addressed in a final agreement.