Yesterday, NMMA issued a new Boating United alert encouraging all industry stakeholders to take action on the aluminum issue. With so much information out there, and so much at stake, the NMMA federal government relations team breaks down how the two different aluminum tariffs will impact the marine industry and our economic ecosystem:
Recreational boating is facing a triple threat as a result of two different aluminum tariffs:
1. The 10% worldwide tariff on aluminum recently announced by the Administration will increase the price of aluminum used by marine manufacturers, 90% of which is domestically produced. Alone, and at 10%, this wouldn't be such a big deal.
2. However, the 10% tariff is threatening to ignite a trade war, starting with the EU. As a result, $1.7 billion in marine exports could be adversely impacted and damage the global competitiveness of the U.S. marine manufacturing industry.
3. The Department of Commerce is considering an ADDITIONAL 60% tariff on aluminum sheet, a major input to 43% of boats the industry produces, and the majority of trailer manufacturers. Combined with the 10% tariff and loss of exports, U.S. marine manufacturers will be forced to increase prices substantially, potentially crippling the market for some new boats.
While a possible exemption for some manufacturers to the 10% tariff was recently announced, the qualifications for that exemption aren't explicitly clear. What's more, the exemption doesn't change the triple threat from With so much at stake for the bulk of our industry, the entire ecosystem is at risk.
Congress and the Administration need to hear from you!
We encourage you to let your voice be heard and take action today by CLICKING HERE.
If you have any questions, please contact NMMA's Vice President of Federal and Legal Affairs, Nicole Vasilaros at firstname.lastname@example.org