The US Government announced a 20% reciprocal tariff on imports of EU products on Wednesday, April 2nd, a decision that has drawn criticism from the marine trade body, the European Boating Industry (EBI).
EBI stated, “We strongly oppose tariffs and highlight the potential risks to businesses on both sides of the Atlantic.” The organisation emphasised that tariffs disrupt operations and hinder economic growth. They pose a particular threat to small and medium-sized enterprises (SMEs), which make up over 96% of the industry.
The boating sector relies heavily on integration between North America and Europe.
EBI expressed concern that “tariffs jeopardise jobs” across the globe. In response, the EU aims for a negotiated solution with the US. EBI is ready to support this effort, stating that “the permanent removal of tariffs would benefit economic growth and investment.”
