What do “Liberation Day” tariffs mean for the boating industry?
by National Marine Manufacturers Association 6 Apr 23:55 BST
What do “Liberation Day” tariffs mean for the boating industry? © National Marine Manufacturers Association
On April 2, President Trump announced a new set of trade actions, including a 10% baseline tariff on all imported goods, effective April 5. Additional tariffs, including some that range up to 34% on Chinese imports, for example, will take effect April 9. These 'reciprocal' tariffs target countries the administration identified as maintaining higher barriers to U.S. exports.
The administration did not impose new tariffs on products such as lumber, copper, semiconductors, pharmaceuticals and critical minerals - though some of those items are under Section 232 investigations and could be subject to future tariffs. A 25% tariff on imported automobiles and parts took effect yesterday, in addition to existing tariffs on steel and aluminum.
Manufacturers should promptly review the Administration's Annex II exemption list at an HTS code-level to determine potential tariff relief for specific items like metals and semiconductors.
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