someoneyouknow
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CEO Bob Johnstone was negotiating the sale of a 53-foot (16-meter), $2.2 million yacht to a buyer in Monaco when the European Union announced a 25 percent tariff on American-made boats as retaliation for the Trump administration's tariffs on imported aluminum and steel.
The deal is now dead. So is the Rhode Island-based company's plan to expand sales into Europe.
Among those who have considered reducing their workforce is Regal Marine Industries, which builds everything from sport boats to 53-foot (16-meter) yachts with price tags ranging from $35,000 to $1.2 million. It employs 750 people at its headquarters in Orlando, Florida, and in Valdosta, Georgia, from factory technicians to engineers to office staff.
Before the tariffs were imposed, around 15 to 20 percent of Regal's sales went to Europe or Canada. CEO Duane Kuck said orders from the EU are down 90 percent. They've seen millions of dollars in of cancelations and delays.
"We were expanding prior to the tariffs. The expansion has been put on hold," he said.
"We have the unfortunate situation of being caught up in every part of this trade war," said Nicole Vasilaros, of the National Marine Manufacturers Association.
The timetable for many manufacturers thinking about layoffs is in the next two to three months, Vasilaros said. She also noted that any benefits the industry saw from a Republican-led tax overhaul have been "almost completely negated" as the industry deals with higher prices for materials and components while losing customers to global competitors.
"The president's trying to help U.S. manufacturing, but we are the key case to show that he's doing the exact opposite," she said.
https://abcnews.go.com/US/wireStory/american-boat-makers-feel-crunch-trump-tariffs-57032380
The deal is now dead. So is the Rhode Island-based company's plan to expand sales into Europe.
Among those who have considered reducing their workforce is Regal Marine Industries, which builds everything from sport boats to 53-foot (16-meter) yachts with price tags ranging from $35,000 to $1.2 million. It employs 750 people at its headquarters in Orlando, Florida, and in Valdosta, Georgia, from factory technicians to engineers to office staff.
Before the tariffs were imposed, around 15 to 20 percent of Regal's sales went to Europe or Canada. CEO Duane Kuck said orders from the EU are down 90 percent. They've seen millions of dollars in of cancelations and delays.
"We were expanding prior to the tariffs. The expansion has been put on hold," he said.
"We have the unfortunate situation of being caught up in every part of this trade war," said Nicole Vasilaros, of the National Marine Manufacturers Association.
The timetable for many manufacturers thinking about layoffs is in the next two to three months, Vasilaros said. She also noted that any benefits the industry saw from a Republican-led tax overhaul have been "almost completely negated" as the industry deals with higher prices for materials and components while losing customers to global competitors.
"The president's trying to help U.S. manufacturing, but we are the key case to show that he's doing the exact opposite," she said.
https://abcnews.go.com/US/wireStory/american-boat-makers-feel-crunch-trump-tariffs-57032380
