U.S. marine manufacturers relieved of U.K.’s Retaliatory Tariffs on American-made boats
Mar 28, 2022
The NMMA News reported that the United States Department of Commerce on March 22nd, announced that the U.S. and United Kingdom (U.K.) have 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., the US industry’s exports to the U.K. decreased by more than 60 percent.
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.
