White House announces new tariff adjustments: What it means for marine manufacturing
by National Marine Manufacturers Association 1 Aug 21:28 UTC
Boat manufacturing © National Marine Manufacturers Association
Last night, President Trump signed a sweeping Executive Order finalizing modifications to the reciprocal tariffs imposed under the International Emergency Economic Powers Act (IEEPA), first introduced on April 2.
The new order resets tariff rates for dozens of countries and significantly reshapes the trade landscape for American manufacturers, including recreational marine businesses.
Key Takeaways from the Executive Order:
- Canada and Mexico Tariffs:
- Canada: The tariff rate ("fentanyl" tariff) on Canadian goods (non-USMCA) increased from 25% to 35% effective August 1.
- Mexico: A 90-day extension was granted, keeping Mexico's rate on non-USCMA goods at 25% through late October.
- Products that qualify under the United States-Mexico-Canada Agreement (USMCA) remain exempt from the new rate. A refresher on USMCA-compliant goods can be found here.
Read the full article here...