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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.

NMMA members should consider the following as they evaluate the potential impact to their businesses:

• Increased prices as key trading partners like Japan (24%), the EU (20%), Norway (15%) and Vietnam (46%) are hit with the additional reciprocal tariffs.
• Heightened tariff rates, notably a cumulative 79% on certain Chinese imports when combining the new reciprocal tariffs, February IEEPA tariffs, and Section 301 duties.
• Potential additional retaliatory measures from key export markets, including the EU which is set to issue retaliatory tariffs on American-made boats ranging from 25 to 50% on April 15.

We are engaging the administration, the Office of the U.S. Trade Representative and Congress to advocate for a targeted, strategic approach to tariffs, one that strengthens U.S. global leadership without undermining domestic producers.

Trade policy will be a key topic at the upcoming 2025 American Boating Congress (May 12–14, Washington, D.C.). Register here to participate and make your voice heard. Industry members are encouraged to contact elected officials directly to share how the tariffs are impacting their businesses. For guidance or assistance with outreach, members can contact NMMA’s Senior Director of Public Policy, Clay Crabtree, at ccrabtree@nmma.org.