National Marine Manufacturers Association reponds to yesterday’s agreement

The agreement reached between Democrats in the US House of Representatives and President Trump regarding the US-Mexico-Canada Trade Agreement (USMCA) is being hailed by the boating industry in the US, calling it a “critical pact that will protect and preserve the industry’s North American trading partnerships.”

“We applaud this week’s announcement that a long-awaited deal on the USMCA has been reached between Congress and the administration,” said Nicole Vasilaros, National Marine Manufacturers Association (NMMA) senior vice president of government and legal affairs. “Access to Canadian and Mexican markets along with strong North American trading partnerships are crucial to the recreational boating industry and the broader US economy.”

Mexico and Canada make up about 40% of US boat and engine exports, and about 20% of the boats and engines imported to the US, activity that virtually dried-up with the imposition of Section 232 tariffs by the Trump Administration. A tentative agreement between the three nations last year paved the way for removing the tariffs.

“This agreement will undoubtedly allow the boating industry to continue playing a critical role in the growth of the US economy,” Vasilaros said.

Meanwhile, a trade group made up of US CEOs known as the Business Roundtable announced support for the revised USMCA, but urged President Trump to forego imposition of additional tariffs on Chinese imports that are schedule to take effect at the end of this week.

Group chairman Jamie Dimon, chief executive at JPMorgan, said he expected phase-one talks of a trade deal between Washington and Beijing to be finalised, adding that not doing so would be “negative” for markets, as reported by Reuters.

His comments came as the group’s quarterly survey found CEO sentiment dropped for the seventh quarter in a row, as executives said ongoing trade uncertainty and the global economic slowdown were tempering their plans.