UK eases tariffs on US-made boats
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The US Department of Commerce has reached a deal with the United Kingdom that lifts retaliatory customs tariffs imposed by the UK on American-made boats.
The agreement, which was announced last week, also ends tariffs on US-made steel and aluminium.
On January 1, the EU lifted the 25 per cent customs tariff on the import of US-made new and second-hand yachts and boats into the EU, as well as a range of marine products. However, the UK had decided to retain the tariff on imports to the UK.
The EU’s tariffs were originally put in place in 2018, in retaliation for tariffs imposed by the US on imported EU steel and aluminium.
In a statement, the National Marine Manufacturers Association says since 2018, the tariffs had been levied on more than US$500 million worth of US exports, resulting in a 60 per cent decrease in shipments of boats and engines.
“The NMMA 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,” the statement adds.
The Biden administration is taking longer than I would have hoped to get these Trump created tariffs removed, but at least they are not adding more as the previous administration had done. Now the US Marine industry can breath again.