U.S. announces new tariff rates for Canada and Mexico
As tariff talks continue between world leaders, Boating Industry turns to NMMA for an updated report. NMMA shared yesterday:
European Commission President Ursula von Leyen announced the European Union (EU) would further suspend its retaliatory tariffs [set to go into effect July 14] against American products, including recreational boats. The EU delayed the countermeasures following President Trump’s letter to the commission indicating the US would levy a 30% tariff again European products beginning Aug. 1.
Over the weekend, the President announced additional Aug. 1 reciprocal tariffs for Canada and Mexico, among other key trading partners. Products from Canada would see tariff rates hit 35%, while products from Mexico would face a 30% tariff. So far, the administration has indicated that the USMCA exemption for qualified products would remain.
Currently, Canada is delaying additional retaliatory tariffs against the U.S., while Mexico has yet to take any countermeasures to the escalating tariff announcements. Trade negotiators from respective countries will continue meeting in an effort to stave off the escalating tariffs from taking effect on Aug. 1.
