The United States and the European Union have reached a trade agreement that spares US-made recreational boats and marine engines from a new round of retaliatory tariffs.
The deal announced by President Trump establishes a 15% baseline tariff on European imports while allowing for targeted exemptions in key industries.
In return, the European Union has agreed to suspend its previously announced 30% retaliatory tariffs on American products, including recreational vessels.
A 15% tariff will also apply to the majority of EU exports.
The outcome marks a reprieve for US boat and engine builders who export more than $2.3 billion in marine products annually to markets around the world, explains the National Marine Manufacturers Association (NMMA).
The United States is the world’s largest recreational boating market.
Frank Hugelmeyer
The EU is one of the largest destinations for American-made boats, making tariff stability critical to US competitiveness.
“We applaud President Trump and the European Union for reaching an agreement that protects U.S. recreational boats and engines from additional retaliatory tariffs,” said Frank Hugelmeyer, NMMA president and CEO, in a statement.
“The United States is the world’s largest recreational boating market. Preserving access to global markets is essential to sustaining the $2.3 billion in annual exports of US boats and marine engines.”
Trade discussions
The agreement follows months of global trade discussions and comes days ahead of the United States’ August 1 deadline to implement reciprocal tariffs against several trading partners.
In a statement on the tariff deal, European Union president Ursula von der Leyen said the single 15% tariff would provide much-needed clarity for the EU and businesses.
She added: “On steel and aluminium, the EU and the US face the common external challenge of global overcapacity.
“We will work together to ensure fair global competition. And to reduce barriers between us, tariffs will be cut. And a quota system will be put in place.”
