EU suspends tariffs on US-made recreational boats
The EU has paused retaliatory tariffs on US-made recreational boats until 14 July, amid continuing transatlantic trade discussions.
After US President Donald Trump announced a 90-day pause on higher tariffs for goods imported into the USA — bar levies on China — the European Union confirmed a 90-day suspension of retaliatory tariffs on US-made imports, including recreational boats.
First, the EU voted to approve new countermeasures (updated from 2018) against US products. For recreational boats, these tariffs range from 10 per cent to 25 per cent. The EU subsequently voted to suspend the new retaliatory tariffs until July 14. A complete list of the products impacted can be found online.
EU Trade Commissioner Maros Sefcovic visited Washington DC last week for discussions with US officials. European Commission President Ursula von der Leyen commented: “We want to give negotiations a chance.”
The National Marine Manufacturers Association (NMMA), a trade association representing boat, marine engine and accessory manufacturers in North America, has welcomed the temporary suspension, describing it as a positive step towards resolving the broader trade disputes affecting the recreational boating sector.
Ongoing tariff uncertainty
Boatbuilders around the world face heightened uncertainty, as shifting and unpredictable tariff regimes threaten supply chains, pricing structures and export plans.
On April 9, Trump announced a 90-day pause on higher tariffs, just hours after stiff ‘reciprocal’ levies against many of the US’ biggest trading partners, including Japan, Vietnam and the European Union kicked in. Trump confirmed he had authorised a universal “lowered reciprocal tariff” of 10 per cent amid ongoing negotiations with countries worldwide.
However, Trump has increased the tariffs on items imported from China up to an eye-watering 145 per cent. China has hit back with a 125 per cent tax on products from the US.
As the world’s two biggest economies head into an all-out trade war, markets have been thrown into chaos, with dramatic sell-offs and increasing fears of recession.
An editorial published in the state-controlled China Daily warned the European Union against trying to “appease” the US, after reports that the US plans to use tariff negotiations to pressure dozens of countries into imposing new trade barriers with China.
