American boat makers feel the crunch from Trump tariffs
NEWPORT, R.I. (AP) — American boat makers are getting pummeled on multiple fronts by tariffs in an escalating trade war. They stand to be among the hardest-hit industries in the battle over tariffs.
Boat makers are feeling the crunch on multiple levels.
President Donald Trump’s decision to impose tariffs on imported steel and aluminum has driven up the price of those essential materials for many boat makers. Europe, Canada and Mexico retaliated with tariffs on American-made boats. And new tariffs imposed on parts such as engines and navigation equipment imported from China are also pushing up costs.
Industry leaders have met with Commerce Secretary Wilbur Ross and trade representatives and tried to make the case that this is a truly American industry being used as a pawn in a trade war.