Biden administration confirms timing for full removal of EU Retaliatory Tariff
by National Marine Manufacturers Association 5 Nov 2021 14:31 NZDT
Washington DC © National Marine Manufacturers Association
In a briefing with NMMA, representatives from the U.S. Department of Commerce and Office of the U.S. Trade Representative confirmed that the European Union's (EU) 25 percent retaliatory tariff on American-made boats will be lifted on January 1, 2022, provided the U.S. rolls back its Section 232 tariffs on aluminum and steel by January 1, 2022.
Additionally, the officials confirmed that the EU's retaliatory tariff will not increase to 50 percent on December 1, 2021.
Key updates from the briefing:
- The EU will lift its 25 percent retaliatory tariff on American-made boats upon the U.S.' implementation of the Tariff Rate Quota (TRQ) for aluminum and steel, which is scheduled to be completed by January 1, 2022.
- The EU's retaliatory tariffs on American-made boats will not double on December 1, 2021. The current 25 percent tariff will remain in effect until January 1, 2022.
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