The latest American tariffs will have a marked impact on the marine industry according to boating associations.
The updated tariff structure announced on April 2 includes a 20% tariff on imports from the EU, a 24% tariff on goods from Japan, a 26% tariff on imports from India and a 10% tariff on nearly all imports from Britain.
Chinese goods will be subject to a 34% tariff, in addition to the previously imposed 20% duties as well as existing Section 301 tariffs.
Additional tariffs for Canada and Mexico were not announced.
The EU has announced its countermeasures, which include 25-50% tariffs on American-made boats, that will go into effect on 15 April 2025.
In a statement, ICOMIA, which represents the global marine industry, said: “The threat of the implication of tariffs is causing considerable concern amongst our members globally.”
The statement continued: “Recent interactions with our members everywhere and in Asia in particular, have only served to remind us how interconnected our supply chain is and to highlight the uncertainty and risk created by these moves.”
The European Boating Industry (EBI) said it strongly opposes tariffs and says they pose potential risks to businesses on both sides of the Atlantic and the entire value chain.
“The boating industry is globally integrated and North America and Europe are the largest markets,” said the statement.
“Tariffs disrupt businesses, hinder economic growth, and jeopardise jobs, particularly for small and medium-sized enterprises (SMEs) that form the backbone of the boating industry.”
The United States is home to the world’s largest recreational boating market—and we’re proud to be an American-made industry.
Frank Hugelmeyer
The EBI says it welcomes the EU’s objective to reach a negotiated solution with the US and stands ready to contribute with proposals to enhance the recreational boating industry’s mutual success.
And the organisation also points out that the permanent removal of tariffs would support economic growth, jobs and investment on both sides of the Atlantic.
British Marine says that assessing the impact that the new additional tariffs will have on UK marine exports is challenging, as the marine industry’s supply chain, and the wider UK economy, will also be affected by tariffs the US is applying elsewhere and other subsequent counter measures.
The association points out that the additional 34% tariffs being applied to China and the 20% tariffs on all goods from the European Union will have an impact. Exports to the EU accounted for 44% of all UK marine exports in 2022/23.
And Frank Hugelmeyer, president and CEO of the National Marine Manufacturers Association, (NMMA), said that while 95% of boats sold in America are built there, success depends on a stable, integrated supply chain.
Manufacturing industry
“The United States is home to the world’s largest recreational boating market—and we’re proud to be an American-made industry,” he said.
“As a leading domestic manufacturing industry with worldwide demand, our success depends on a stable, integrated supply chain, which is why we strongly support efforts to strengthen US manufacturing and expand access to global markets.”
He added: “As we navigate global challenges—from inflation and high interest rates to shifting trade dynamics—marine manufacturers are adapting, but transitions take time.
“Our industry needs the right tools and policies to remain competitive without sacrificing American jobs or production.”
The US marine industry supports 812,000 workers across 36,000 businesses while the recreational boating industry across the EU consists of more than 32,000 businesses and directly employs more than 280,000 people.
Over 96% of businesses in the sector are SMEs.
