How Trump's Tariffs Affect Newport Vessels
Over the past decade, Newport Vessels has worked tirelessly to deliver the highest quality marine products at great value. We have grown quickly by maintaining excellent prices and offering the best customer service in the industry, and needless to say, we’ve been getting noticed.
To deliver this great value to our customers, we eliminate the middleman with our direct to consumer (D2C) business model, a model that is made possible by partnering with factories around the world, including China, Korea, and Vietnam. These partnerships allow us to access the world's best manufacturing technologies, facilities, and supply chains and bring the benefit straight to you (the consumer). Thanks to these factories and our partnerships, we are able to offer high quality products at prices that will beat the competition anyday. Over the last 10 years, our prices have remained relatively fixed thanks to these partnerships, with only a few minor adjustments along the way.
Earlier this year, President Trump announced a series of tariffs on goods produced in China. Most boating products are produced in China, or assembled with Chinese made parts, components, or materials. By adding tariffs on these goods, President Trump has added a 25% tax on the entire industry, consequently hurting American boaters and anglers. As an importer that relentlessly scours the globe to find and partner with the best, we initially hoped these tariffs would not target and effect our products, but unfortunately they have.. What does this mean for Newport Vessels? It means we have no choice but to increase our prices (slightly) in order to continue to supply the high quality products our brand is known for and stands behind.
Although these price adjustments unfortunately must happen, our commitment to delivering high quality products at great value has not wavered. We will continue to manufacture and source the highest quality marine products, eliminate the middleman, and sell directly to you, the consumer.
At Newport Vessels, we have been working on several new products we expect to release in early 2019, and are extremely excited in anticipation for the 2019 boating season.