Tuesday, June 18, 2024
HomeNewsCall for permanent removal of tariffs

Call for permanent removal of tariffs

Boating associations from across the world have called for the permanent removal of retaliatory tariffs relating to the steel and aluminium dispute.

Tariffs have been suspended for two years, however the associations – ICOMIA, European Boating Industry and National Marine Manufacturers Association – point out that a second tranche of tariffs set for January 1 2024 will have a severe, negative effect on the boating industry, jobs and economies on both sides of the Atlantic.

The organisations say the tariffs have the potential to create unnecessary barriers and are calling for fair trade and consequently industry growth on both sides of the Atlantic.

In a statement, the three organisations say that between 2018 and 2012, the tariffs disrupted businesses and hindered economic growth, with US boat exports to the EU declining by 50% and European customers experiencing higher prices.

Adverse effect

In addition, importers, dealers, and after-sales services, were adversely affected.

“Recreational boating is a significant contributor to the American and European economy, contributing $230 billion in US economic impact through 810,000 jobs across 36,000 businesses,” said the statement.

“For the EU, the entire boating industry accounts for over 32,000 businesses directly employing more than 280,000 people and generating an annual turnover of nearly €20 billion.

“We urge the EU and US to build on the 2021 agreement, which suspended tariffs for two years, and permanently eliminate retaliatory tariffs on products unrelated to the steel and aluminium dispute.”

The associations say that a rapid resolution and certainty will incentivise investment by companies and will allow the recreational boating industry to continue its economic growth.


Most Popular

error: Content is protected !!