Numerous trade groups are praising the US Congress’s passage of the American Manufacturing Competitive Act 2016 on Tuesday, a measure that reduces tariffs on the importation of raw materials not readily available in the United States.
“This is without a doubt a major victory and proof that Senate and House leaders have listened to manufacturers’ calls for action,” Jay Timmons, president and CEO of the National Association of Manufacturers (NAM) said in a statement. “We urge the president to sign the bill quickly as it will eliminate unnecessary border taxes that have been costing manufacturers in the United States hundreds of millions of dollars and undermining their competitiveness.”
The Miscellaneous Tariff Bill (MTB), labeled H.R. 4923, is seen as a much-needed piece of legislation, as the last MTB bill expired in 2012. According to NAM, companies have incurred $748 million in additional taxes annually on manufacturing in the US.
The National Foreign Trade Council (NFTC) echoed NAM’s praise of the bill’s passage:
“For companies of all sizes, the miscellaneous tariff bill process is a practical mechanism that preserves American jobs and investment, and increases the competitiveness of US manufacturing,” NFTC’s President Rufus Yerxa said in a statement.
The Society of Chemical Manufacturers & Affiliates (SOCMA) thanked Senate Finance Committee Chairman Orrin Hatch (R-UT) and Ranking Member Ron Wyden (D-OR) for their role in the passage of the bill and pledged their future support as the bill goes through a review process before appearing before President Obama for a final signature.
“The new MTB process will assist US chemical manufacturers in regaining their competitiveness, investing in research, and development efforts, and creating new jobs,” SOCMA President and CEO Lawrence D. Sloan said in a statement.