On Friday, Canada, Mexico, and the U.S. reached an agreement on Section 232 aluminum and steel tariffs and subsequent retaliation. The agreement clears the deck for ratification of the United States-Mexico-Canada agreement (USMCA) and marks the end of all North American retaliatory tariffs on boats.
In response, NMMA president, Thom Dammrich stated, "The agreement between the U.S., Canada, and Mexico on aluminum and steel tariffs – which also removed Mexico’s retaliatory tariffs on U.S. boats – is a significant step towards reaching a verifiable trade deal that benefits all Americans. We thank Mexican, Canadian, and American officials for their good-faith negotiations and tireless efforts that resulted in this much-needed resolution. Moving forward, we call on all three countries to address remaining trade issues – most importantly, ratifying USMCA to bolster the long-term success of our industry and respective economies.
"While the progress on this side of the Atlantic is great news for our industry, there are additional trade issues that continue to take a toll on our industry – such as retaliatory measures from the European Union (EU), our industry's second largest export market. The EU’s 25 percent retaliatory tariff has had a particularly devastating impact on boat builders. In wake of this agreement and President Trump’s decision to delay tariffs on cars and related parts, we urge the administration to swiftly finalize negations with EU that removes all tariffs on American marine manufacturers, so that companies in our industry can continue to prosper."