Trade disputes over aluminum and steel end
In a joint communiqué issued at the G20, the United States and the European Union announced on October 31, 2021 their decision to end the trade war launched in 2018 around steel and aluminum imports. As a result, specific taxes on these metals entering the United States are lifted, while the European Union suspends its retaliatory measures, which included a 25% tax on American pleasure boats and engines imported into the EU.
A relief for the U.S. boating industry
The announcement was celebrated by the global marine industry, whose representatives had recently reiterated their concern about the issue. Frank Hugelmeyer, President of the National Marine Manufacturers Association (NMMA), the leading U.S. industry union, emphasized the damage done during the period to shipyards and boat dealers. "U.S. shipbuilders have been collateral damage of this trade dispute for three years, resulting in a 50% drop in exports to our second largest international market and the loss of hundreds of millions of dollars in revenue." Particularly a consumer of aluminum for shipbuilding, U.S. shipyards are already suffering from the rising cost of the material and therefore look favorably on the removal of taxes.
