Trump's new tariffs a blow to the boating industry
Aluminum boatbuilders received another blow on Thursday as the Trump administration vowed a 10 percent levy on all aluminum imports — that would be on top of the potential 60 percent tariff aluminum sheet faces, and would severely drive up the cost for builders of aluminum boats.
Soundings TradeOnlyToday Magazine
President Trump announced on Thursday a new 25 percent tariff on steel imports and a 10 percent tariff on aluminum imports — a levy that would be in addition to a potential 60 percent tax on imported aluminum sheet that the marine industry has been fighting.
The announcement, which sparked a global outcry and triggered a decline in world stocks, prompted Canada — the biggest supplier of steel and aluminum to the United States — to vow retaliation if it is hit by U.S. duties, Reuters reported.
The decision “severely harms” the recreational boating industry, Dammrich said in a statement released after the announcement.
“Today’s decision by the Administration to implement new tariffs severely harms the $37 billion U.S. recreational boating industry and the 650,000 American workers it supports,” Dammrich said. “While these tariffs are meant to protect American manufacturing, they do just the opposite.”
The promise to implement new tariffs, on top of even larger duties on aluminum sheet proposed by the Department of Commerce that the industry is fighting, will drive up the cost of aluminum used to manufacture more than 111,000 aluminum boats, such as pontoons and fishing models, Dammrich said.
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Originally published here.