Boating Industry Intelligence You Can Profit From
WASHINGTON, D.C. – The United States and Brazil have agreed on a negotiated settlement on the cotton dispute with Brazil. The tariffs, which were originally scheduled to go into effect tomorrow, will be extended until April 22 to allow time to obtain the implementation of this agreement.
This will provide some needed breathing room for motorboats (including personal watercraft) and rowboats and canoes, all of which were facing a doubling of the duty from 20 to 40 percent, according to a statement this morning from the National Marine Manufacturers Association.
Earlier this year, in retaliation for a dispute over cotton subsidies, Brazil released a list of U.S. products on which it planned to raise tariffs, which included boats. Since then, NMMA has been working with coalition partners, the Obama administration and Congress to help find a solution for the dispute.
“This is excellent news for U.S. marine businesses that do business in Brazil,” NMMA stated. “Over the past few months, NMMA worked closely with affected businesses and wrote to and met with Congressional and Administration officials, urging that a solution to this dispute be found. We will continue to monitor the situation as a settlement is finalized.”
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