New tariff impacting U.S. marine industry
CHICAGO – The European Union (EU) has begun to impose punitive tariffs on a wide range of U.S. manufactured products after Congress failed to meet the EU’s deadline for repealing the Extraterritorial Income (ETI-formerly FSC) tax program, according to a statement yesterday from the National Marine Manufacturers Association (NMMA).
Although marine products are not generally affected, some NMMA members have already encountered customs agents confused by the tariffs, who have mistakenly attempted to apply the taxes to a broad range of marine products, NMMA said.
NMMA urges members to check their products’ HTS number (the first six digits) against the EU list prior to export. The list is available online.
The tariff will continue to increase by one percent each month until the tariff surcharge totals 17 percentage points, as long as Congress does not act, NMMA said.
NMMA can assist members in working with the U.S. Department of Commerce. If tariffs are improperly applied to products, contact Cindy Squires, NMMA’s Regulatory Counsel, at (202) 737-9766; csquires@nmma.org.
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