Tuesday, May 28, 2024
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Tariff decision puts economy at a greater disadvantage

The American Biden administration has announced it will not be removing the current Section 301 tariffs – which impact more than 300 commonly used components, materials, and parts used in the marine manufacturing process.

Tariffs are set to be increased on products ‘across strategic sectors such as steel and aluminium, semiconductors, electric vehicles, batteries, critical minerals, solar cells, ship-to-shore cranes, and medical products’.

The announcement follows the conclusion of a four-year review of the tariffs on imports from China, with the Chinese government expected to impose tit-for-tat tariffs on American goods entering China.

Throughout the last four years, the National Marine Manufacturers Association (NMMA) has urged the administration to reinstate all exclusions for marine products and reopen the exclusions process for every imported product currently impacted by Section 301 tariffs.

“The Administration’s decision to maintain Section 301 tariffs on products from China is very disappointing,” said Frank Hugelmeyer, president and CEO of NMMA. “As a uniquely American industry, with 95% of the boats sold in the US made in the US, marine manufacturers and American consumers continue to bear the brunt of this trade war.

“It is especially concerning the Administration refuses to reopen the exclusion process for marine products, which can provide limited but important relief for marine businesses.”

He concluded: “At a time when marine manufacturers are facing economic headwinds, these tariffs continue to put our economy at an even greater disadvantage.”

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