US Trade and Tariff News Continues Amid Government Shutdown

Strategic Insights -

The National Marine Manufacturers Association (NMMA) has recently opposed several Section 232 steel and aluminum inclusion requests, as the US government continues its shutdown. Despite the shutdown, President Trump has made several trade-related announcements, including a new 10% tariff on Canada due to a campaign advertisement from Ontario Premier Doug Ford. The White House has also announced trade agreements with Malaysia and Cambodia, and trade frameworks with Vietnam and Thailand.

Meanwhile, President Trump is set to meet with Chinese President Xi Jinping later this week, amidst reports of a framework agreement between the two nations. The NMMA has expressed its commitment to working with the administration, Congress, and industry partners to ensure that US trade policy is targeted, balanced, and aligned with the needs of American manufacturers.

Key Takeaways:

  • NMMA has officially opposed several Section 232 steel and aluminum inclusion requests, filing nine separate opposition comments covering over a dozen HTS codes used by the recreational marine industry.
  • President Trump has announced a 10% tariff increase on Canada due to a campaign advertisement from Ontario Premier Doug Ford, which may disrupt the implementation of the US-Mexico-Canada Agreement (USMCA).
  • The White House has announced trade agreements with Malaysia and Cambodia, and trade frameworks with Vietnam and Thailand, with reciprocal tariff rates ranging from 19% to 20%.
  • The NMMA will continue working with the administration, Congress, and industry partners to ensure that US trade policy is targeted, balanced, and aligned with the needs of American manufacturers.
  • The administration has agreed to a framework agreement with China, with President Trump and Chinese leader Xi Jinping set to meet on Thursday to discuss further details.
  • The US government shutdown has not impacted the pace of trade and tariff announcements, with several major developments occurring in the past week alone.

Statistics:

  • 9: number of separate opposition comments filed by NMMA covering over a dozen HTS codes used by the recreational marine industry (Source: NMMA)
  • 10%: increase in tariff on Canada due to a campaign advertisement from Ontario Premier Doug Ford (Source: White House)
  • 19%: reciprocal tariff rate with Malaysia (Source: White House)
  • 19%: reciprocal tariff rate with Thailand (Source: White House)
  • 20%: reciprocal tariff rate with Vietnam (Source: White House)
  • 35%: tariffs on non-USMCA-compliant goods from Canada (Source: White House)
  • 50%: tariffs on steel and aluminum imports (Source: White House)

Sources:

  • NMMA (National Marine Manufacturers Association) news release (category: Business)
  • White House (The White House Announcement on trade agreements and frameworks)
  • US-Mexico-Canada Agreement (USMCA) (Joint review of USMCA)
  • Ontario Premier Doug Ford (Campaign advertisement)
  • President Trump (Social media announcement)
  • Chinese leader Xi Jinping (Framework agreement with the Trump administration)