The decision by the Trump Administration to implement 25 percent tariffs on steel and 10 percent tariffs on aluminum from Canada, the European Union and Mexico, has already ignited a trade war with both the EU, Mexico, and Canada.
All three regions are top export markets for the U.S. recreational boating industry.
Canada’s Department of Finance announced that in response to the U.S. tariffs, Canada intends to impose surtaxes or similar trade-restrictive countermeasures against up to C$16.6 billion in imports of steel, aluminum, and other products from the U.S., representing the value of 2017 Canadian exports affected by the U.S. measures. The government is also considering whether additional measures may be required.
These retaliatory efforts include a 10 percent tariff on U.S. boats exported to Canada.
Canada’s countermeasures will take effect on July 1, 2018, and according to Canada’s Department of Finance, will remain in place until the U.S. eliminates its trade-restrictive measures against Canada.
The countermeasures will not apply to U.S. goods that are in transit to Canada on the day on which these countermeasures come into force.
Contact NMMA’s Senior Vice President of Government Relations and Legal Affairs Nicole Vasilaros for more information.