Late last week, President Donald Trump announced that his administration will raise duties on $250 billion in Chinese goods from 25% to 30% and increase tariffs on another $300 billion in products from 10% to 15%. The move comes on the heels of recent actions by both China and the U.S. that have escalated the long running trade war, which is hurting marine manufacturers and large swaths of the U.S. economy.
In response, NMMA senior vice president of government and legal affairs, Nicole Vasilaros said, "The use of tariffs as a negotiating tactic continues to unfairly punish American small businesses and families. We have said repeatedly that the administration is right to address China’s unfair trade practices, but the never-ending volley of tariffs has only moved us further away from a deal that puts our companies and workers on a level playing field."
“While recreational boat building is a uniquely American made industry, many products that marine manufacturers need to remain competitive here at home and abroad are nearly impossible to obtain domestically or outside of China," Vasilaros continued. "Increasing the cost of doing business for the 35,000 businesses our industry supports only jeopardizes the health of our industry and the entire American economy."
Vasilaros also said that NMMA urges President Trump and trade officials to cease the whirlwind of tariffs, return to the negotiating table, and a deliver a strong, sustainable trade deal that puts American workers and job creators first.
More than 350 commonly used marine components, materials, and parts are impacted by this escalation, including anchors, fiberglass, fishing gear, life jackets, and water sports equipment.
Starting on Oct. 1, tariffs on $250 billion in Chinese imports – Section 301 Lists 1, 2, and 3 – will go up to 30%. Additionally, tariffs on a portion of items contained in the $300 billion tranche – Section 301 List 4A – will start at 15% when they take effect on Sep. 1. The products that comprise the remaining $300 billion – Section 301 List 4B – will also be set at 15% when they start on Dec. 15.