Biden Administration Confirms Tariff Removal Timing
In a briefing with NMMA, representatives from the U.S. Department of Commerce and Office of the U.S. Trade Representative confirmed that the European Union’s (EU) 25% retaliatory tariff on American-made boats will be lifted on January 1, 2022, provided the U.S. rolls back its Section 232 tariffs on aluminum and steel by January 1, 2022. Additionally, the officials confirmed that the EU’s retaliatory tariff will not increase to 50% on December 1, 2021.
Key updates from the briefing:
- The EU will lift its 25% retaliatory tariff on American-made boats upon the U.S.’ implementation of the Tariff Rate Quota (TRQ) for aluminum and steel, which is scheduled to be completed by January 1, 2022.
- The EU’s retaliatory tariffs on American-made boats will not double on December 1, 2021. The current 25% tariff will remain in effect until January 1, 2022.
The NMMA team is closely monitoring the implementation and timeline of the recently announced trade agreement between the U.S. and EU and will continue to provide updates as new information is released.
Article Author: Boating Industry Editors