President Trump Unveils “Liberation Day” Trade Actions
On April 2, President Trump announced a new set of trade measures, referred to as “Liberation Day,” during an afternoon ceremony in the Rose Garden at the White House. The announcement included a universal 10% tariff on imports from all countries that will take effect April 5, along with additional tariffs on specific trading partners based on the administration’s trade assessments, which will take effect April 9.
The President stated that the new actions are intended to address trade imbalances and support increased domestic production. The updated tariff structure includes a 20% tariff on imports from the European Union, a 24% tariff on goods from Japan, and a 26% tariff on imports from India. Chinese goods will be subject to a 34% tariff, in addition to the previously imposed 20% duties as well as existing Section 301 tariffs. Additional tariffs for Canada and Mexico were not announced.
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 is also set to take effect on April 3, alongside existing tariffs on steel and aluminum.
Frank Hugelmeyer, President and CEO of the National Marine Manufacturers Association, released the following statement on the announced reciprocal tariff structure:
“The United States is home to the world’s largest recreational boating market—and we’re proud to be an American-made industry, with 95% of boats sold here built here. As a leading domestic manufacturing industry with worldwide demand, our success depends on a stable, integrated supply chain, which is why we strongly support efforts to strengthen U.S. manufacturing and expand access to global markets.
As we navigate global challenges—from inflation and high interest rates to shifting trade dynamics—marine manufacturers are adapting, but transitions take time. Our industry needs the right tools and policies to remain competitive without sacrificing American jobs or production.
With 812,000 workers across 36,000 businesses supporting an American pastime enjoyed by millions, we look forward to working with the Trump administration to ensure policy decisions protect small businesses, strengthen our supply chain, and propel the U.S. recreational boating industry forward.”
NMMA continues to advocate for a targeted, strategic approach to trade policies, one that enhances U.S. global leadership while minimizing disruption for domestic producers. The recreational boating industry is a proudly made-in-America sector that supports over 812,000 American jobs and contributes $230 billion in annual economic impact.
With trade policies continuing to be at the center of today’s political and policy debates, NMMA encourages manufacturers and boating advocates to register for the 2025 American Boating Congress (ABC), the industry’s premier advocacy event, which will take place May 12-14 in Washington, D.C. Register here to see the newly released agenda and to participate in discussions on trade and other policy matters affecting the industry.
Members seeking assistance navigating these developments can contact NMMA Senior Director of Public Policy Clay Crabtree at [email protected]. As new information and data are made available, NMMA members are encouraged to be on the lookout for member-only emails that provide analysis and guidance on navigating the changing trade landscape.
The President stated that the new actions are intended to address trade imbalances and support increased domestic production. The updated tariff structure includes a 20% tariff on imports from the European Union, a 24% tariff on goods from Japan, and a 26% tariff on imports from India. Chinese goods will be subject to a 34% tariff, in addition to the previously imposed 20% duties as well as existing Section 301 tariffs. Additional tariffs for Canada and Mexico were not announced.
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 is also set to take effect on April 3, alongside existing tariffs on steel and aluminum.
Frank Hugelmeyer, President and CEO of the National Marine Manufacturers Association, released the following statement on the announced reciprocal tariff structure:
“The United States is home to the world’s largest recreational boating market—and we’re proud to be an American-made industry, with 95% of boats sold here built here. As a leading domestic manufacturing industry with worldwide demand, our success depends on a stable, integrated supply chain, which is why we strongly support efforts to strengthen U.S. manufacturing and expand access to global markets.
As we navigate global challenges—from inflation and high interest rates to shifting trade dynamics—marine manufacturers are adapting, but transitions take time. Our industry needs the right tools and policies to remain competitive without sacrificing American jobs or production.
With 812,000 workers across 36,000 businesses supporting an American pastime enjoyed by millions, we look forward to working with the Trump administration to ensure policy decisions protect small businesses, strengthen our supply chain, and propel the U.S. recreational boating industry forward.”
NMMA continues to advocate for a targeted, strategic approach to trade policies, one that enhances U.S. global leadership while minimizing disruption for domestic producers. The recreational boating industry is a proudly made-in-America sector that supports over 812,000 American jobs and contributes $230 billion in annual economic impact.
With trade policies continuing to be at the center of today’s political and policy debates, NMMA encourages manufacturers and boating advocates to register for the 2025 American Boating Congress (ABC), the industry’s premier advocacy event, which will take place May 12-14 in Washington, D.C. Register here to see the newly released agenda and to participate in discussions on trade and other policy matters affecting the industry.
Members seeking assistance navigating these developments can contact NMMA Senior Director of Public Policy Clay Crabtree at [email protected]. As new information and data are made available, NMMA members are encouraged to be on the lookout for member-only emails that provide analysis and guidance on navigating the changing trade landscape.