US tariffs imposed on many countries have side effect on its own boat manufacturing industry that employs more than 650000 people in the country and is putting a lot of those jobs in danger. Boat manufacturers in US are facing a double whammy foreign tariffs on US made boats.
oversea markets can generate as much as a third of some boat manufacturers revenues. That cause boat builders pushing back hard against Trump's tariffs saying they will lose billions from their bottom lines.
Nicole Vasilaros vice president of national marine manufacturers said:"We have members who are looking at layoffs in the next 60-90 days if things don't change.
"This matters to American workers. Many of our businesses did see a benefit of tax reform. All of this trade situation has wiped out those benefits" She added
Because of President Trump's tariffs, U.S.-made boats are getting taxed more heavily when exported to Europe, Canada, and Mexico.
U.S. manufacturers are also paying more for foreign-made steel, aluminum, and finished parts.
Mary Lovely Peterson from institute of international economic said:
"This approach is fairly useless, but it has an efficiency cost on the U.S. economy. So, therefore, we are doing no good, while incurring potentially unknown cost. So, they make no sense."
She concluded "Unfortunately, the U.S. is a smaller share of the global economy than it was 40 years ago and companies have to think about serving the American market, but also about serving markets abroad."
