Boating Industry Intelligence You Can Profit From
The United States Department of Commerce announced the U.S. and United Kingdom (U.K.) reached a deal to ease steel and aluminum tariffs, allowing U.K. steel and aluminum products to enter the U.S. without application of Section 232 tariffs.
Retaliatory tariffs on over $500 million worth of U.S. exports to the U.K on goods, including American-made recreational boats, will be lifted. Since the 25 percent retaliatory tariffs were levied in 2018 on American-made boats and engines entering the U.K., our industry’s exports to the U.K. decreased by more than 60%.
The NMMA said its team is closely monitoring the implementation and timeline of the recently announced trade agreement and will continue to provide updates as new information is released.