Big News for U.S. Manufacturers
The President signed into law: H.R. 4318, the “Miscellaneous Tariff Bill Act of 2018,” which provides for duty suspensions and reductions for specified chemicals and other items through December 31, 2020. The MTB Act passed the House in January 2018, passed the Senate without debate and was signed by President Trump on September 13, 2018.
The Miscellaneous Tariff Bill (MTB) will reduce or eliminate nearly 1,700 taxes on imported products not manufactured or available domestically. The last MTB passed by Congress expired on December 31, 2012. Since then, businesses have paid billions of dollars of tariffs on products not even made in the United States, to the detriment of good-paying American jobs and American competitiveness. The Trump Administration’s passage of the Miscellaneous Tariff Bill Act of 2018 will bolster manufacturers in the United States, especially small- and medium-sized manufacturers, in industries ranging from chemicals, agriculture, textiles and footwear to electrical equipment, machinery and sporting equipment. The Miscellaneous Tariff Bill Act of 2018 will eliminate import tariffs of more than $1.1 billion over the next three years and boost U.S. manufacturing output by more than $3.1 billion. Roughly half of the products are produced in countries like China.
The National Association of Manufacturers has been working diligently to assist in getting the bill passed with letters to the President, testimonials, petitions, and more. Yesterday marks a big win for the Association and manufacturers across America. In fact, this is what the National Association of Manufacturers had to say:
What does this mean for importers?