In press statements following the announcement on trade by European Union Commission president Ursula von der Leyen and U.S. President Trump, the European Boating Industry said that although the deal averts the worst of a detrimental trade war, the increase of tariffs to 15% will be challenging for many businesses in Europe.
Until the start of trade disputes in April, U.S. tariffs were around 1% to 2%, allowing a trade relationship on an equal footing, an EBI statement said. Exports of boats to the U.S. in 2023 were around $1.8 billion. The additional costs from these new tariffs will be in the tens of millions. It also creates the risk of an unbalanced trade relationship between the EU and the U.S., and negatively affects EU competitiveness.
“The U.S. is the most important export market for the recreational boating industry in Europe,” EBI secretary general Philip Easthill said in the statement. “Stability and predictability is vital, but equally important is a trading environment that businesses can sustain. This deal is not sufficient. The 15% tariff rate presents serious challenges for businesses in Europe. We call on the EU Commission to take the announcement as the basis for more sectoral negotiations and consider the needs of export-reliant industries such as ours.”
Easthill said EBI is committed to working with members to navigate the challenges and advocate for their best interests.
