White House to announce new ‘Liberation Day’ tariffs today
The industry is bracing as US President Donald Trump is set to introduce broad reciprocal tariffs on global trading partners later today (2 April 2025), disrupting long-standing trade rules, risking increased costs, and likely further escalating global trade tensions.
Details of Trump’s so-called ‘Liberation Day’ tariff plans are being kept confidential ahead of a White House announcement set for 4pm Eastern Time on Wednesday (8pm GMT), which the Republican administration is referring to as ‘Liberation Day’.
The National Marine Manufacturers Association (NMMA), a trade association representing the marine industry in North America, says the actions are anticipated to target several strategic sectors and may include electric vehicles, steel and aluminum products, and other technologies.
Trump’s tariffs impacting the marine industry
Trump has been in office for just over 10 weeks. During this time, the president has reinstated 25 per cent tariffs on steel and aluminium and expanded them to nearly $150bn-worth of downstream products. Trump has also raised duties on Chinese imports and some goods from Mexico and Canada.
Within hours of the US administration imposing 25 per cent tariffs on steel and aluminum imports in March, the EU had confirmed plans to impose its own duties on €26bn ($28.3bn) worth of American goods, including boats.
The implementation has been paused for two weeks until mid-April in an attempt to open the door for further discussion between the United States and the European Union.
The new ‘Liberation Day’ tariffs are likely to take immediate effect. A separate 25 per cent global levy on car imports will take effect on Thursday (3 April).
Manufacturers and tariffs
Marine businesses in the US have expressed concerns over the escalating trade war. The National Association of Manufacturers (NAM) Q1 2025 Manufacturers’ Outlook Survey reported increasing disquiet among US manufacturers, particularly in the recreational marine sector.
A vast majority — 76.2 per cent of respondents to the survey — cited trade uncertainties as the primary challenge they are now facing. This marks a 20-percentage-point increase from Q4 2024 and a 40-point rise from Q3 last year. Additionally, 62.3 per cent of respondents identify rising raw material costs as a factor affecting profitability.
The survey, conducted between 11 and 28 February 2025, indicates a cautious industry outlook. While 69.7 per cent of manufacturers express optimism about their company’s prospects, this is a decline from 70.9 per cent in Q4 2024.
Not all boat makers are feeling negative about the news, however, Twin Vee PowerCats CEO and president Joseph Visconti tells MIN he is welcoming the trade tariffs.
In an interview last month, Visconti said he believes trade tariffs are an incredibly positive and necessary tool for strengthening American manufacturing and securing the long-term economic health of the United States of America. While some short-term adjustments may be required, he argues, the long-term benefits far outweigh the temporary challenges.
In a statement, NMMA says it has “consistently urged the administration to take a targeted, nuanced approach to trade enforcement — one that strengthens America’s position globally while avoiding harm to domestic producers.”
It adds: “The recreational boating industry is a proudly made in America industry that supports more than 812,000 American jobs and generates $230bn in annual economic impact.”
