Retaliatory tariffs: 10 percent on U.S. boats exported to Canada
The U.S. recreational boating industry will pay for recent Trump Administration tariffs, too, it appears.
The Administration’s decision to implement 25 percent tariffs on steel and 10 percent tariffs on aluminum from Canada, the European Union and Mexico will ultimately impact U.S. boats exported to Canada, according to reports.
Canada’s Department of Finance recently announced that, in response to the U.S. tariffs, “Canada intends to impose surtaxes or similar trade-restrictive countermeasures against up to C$16.6 billion in imports of steel, aluminum, and other products from the U.S., representing the value of 2017 Canadian exports affected by the U.S. measures.” These retaliatory efforts include a 10 percent tariff on U.S. boats exported to Canada.
“The decision to impose tariffs on major trading partners severely harms the $39 billion U.S. recreational boating industry and the 650,000 American workers it supports,” Thom Dammrich, president of the National Marine Manufacturers Association, said in a news release. “Of the marine manufactures that build aluminum boats, the majority use domestic aluminum.
“Simply put, these tariffs are a disaster for our industry,” he added. “All types of recreational boats are on the retaliatory lists from both Canada and the EU. … To make matters worse, Canada, Mexico, and the EU are the top three export markets for American-made marine products and in 2017 they accounted for nearly 70 percent of marine exports.”
Canada’s countermeasures reportedly will take effect on July 1, and according to Canada’s Department of Finance, will remain in place until the U.S. eliminates its trade-restrictive measures against Canada.
For more information and to view the list of targeted products, click here.