The International Council of Marine Industry Associations (ICOMIA) has teamed up with European Boat Industry (EBI) and the National Marine Manufacturers Association (NMMA) to promote a de-escalation of the trade war between Europe and America.
All three industry bodies are putting pressure on the European Commission and the US Administration to work together in order to find a reasonable and balanced resolution to the ongoing tariff dispute.
The US Administration’s 25% tariff on steel imports and 10% on aluminium has meant rising costs of raw materials for the marine industry, as well as reduced global exports as a result of retaliation from trading partners.
The recent rebalancing measures adopted by the European Commission to counterbalance the tariff have escalated the trade war.
The trade war has had negative impacts in both the US and Europe, as well as the global marine industry. Rising costs and uncertainty have led to marine dealers in the EU and Canada cancelling orders of US-built boats, which also has adverse effects on boat dealers and service businesses within Europe.
“Nobody wins in a trade war,” says ICOMIA in a statement. “More specifically, the recreational boating industry shoulders the negative consequences as demand for our products is highly elastic and sensitive to even small changes in the sales price of boats. Without a solution that immediately withdraws these tariffs or exempts key allies, the global marine industry – and the global economy – will suffer.
“ICOMIA, along with EBI, has written to President of the European Commission, Jean-Claude Juncker, to express concern about the rebalancing measures and explain how the ongoing trade dispute has effectively frozen the export market. In it we urge the European Commission to work with the US Administration to achieve an enduring solution that benefits both sides and allows the boating industry to continue its economic growth.”
A similar letter was sent from ICOMIA, EBI and NMMA to President Trump, urging the US Administration to work collaboratively with the European Commission, as well as Canadian government, to recognise the harmful effects of the current trade dispute, and to focus on achieving a reasonable and balanced resolution which does not threaten growth, jobs and innovation.
The NMMA yesterday called on marine firms to sign an online petition telling President Trump to make a deal that immediately withdraws the tariffs.
To sign the petition, visit www.votervoice.net/NMMA/Petitions/1356/Respond