Late Sunday night, the U.S., Canada, and Mexico announced a deal to revamp the North American Free Trade Agreement (NAFTA). The new agreement – officially called the United States-Mexico-Canada Agreement (USMCA) – includes priorities of the recreational boating industry, which NMMA worked to secure. Each country will review the deal in the coming months before its official implementation.
While USMCA does not resolve Section 232 tariffs and retaliation, the agreement clears the deck to address these issues soon. Click here for NMMA’s factsheet outlining the deal:
In response to the announcement, NMMA President, Thom Dammrich and NMMA Canada President, Sara Anghel stated, “The agreement between Canada, Mexico, and the U.S. on revising and preserving the trilateral trade pact is excellent news for the recreational boating industry and countless others that rely on the free flow of goods in North America. What seemed impossible just days ago, this deal ensures the continued health and success of industries like marine manufacturing that have built business models based on the special trading relationship between our countries. We thank President Nieto, President Trump, and Prime Minster Trudeau for their tireless work and call on all three countries to immediately review and approve this historic agreement.”
They continued, “We are also pleased that yesterday’s agreement puts us on a path to remove Section 232 tariffs and subsequent retaliation. Earlier this year, the U.S. applied tariffs on most aluminum and steel imports – Canada and Mexico responded with tariffs on American industries and products, including recreational boats. As a result, U.S. boat exports to both countries have all but dried up, jeopardizing thousands of jobs and businesses in all three countries. Negotiators should seize the opportunity and immediately resolve this issue.
“Today, we welcome the USMCA, which includes cornerstone NAFTA principles. Anything less would have had debilitating consequences on all sectors of the North American economies. Now, it is time for all three countries to stay at the table and deal with Section 232 tariffs and retaliation – thousands of businesses and jobs in Canada, Mexico, and the U.S. are counting on it.”