Published on: 27 May 2021
The Department for International Trade (DIT) has formally confirmed that the planned increase in tariffs on imported US vessels will not go ahead. This means that the tariffs on imported US vessels will remain at 25% after June 2021 until they are removed.
The planned increase, had it been taken forward, would have seen the tariff double to 50%.
The department has also launched a formal consultation on rebalancing measures on a range of products in response to US section 232 tariffs on steel, aluminium and derivatives.
Products on the list range from specific wood products, nails, screws and DC Motors amongst other items.
British Marine can advise its members that yachts do not feature in the list of products being consulted upon. We understand, following our engagement with the department, that the existing retaliatory tariffs on imported US yachts will be removed once the consultation has concluded and the feedback on the items which are subject to rebalancing has been considered.
Members can read the consultation and see what other products are subject to rebalancing. The deadline for responding is 11:45pm on 5 July 2021. British Marine will issue further updates regarding the status of US imported yachts and the removal of tariffs as soon as possible.
For information on how to find your commodity code which determines the tariffs and duties payable, please read the following document. This contains examples which are designed to help you identify the correct commodity code.