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MTB suspends US import tariffs Print E-mail

Tuesday, 23 July 2013 05:43

Written by PR Newswire

United States manufacturers and out-of-work Americans are hoping Congress acts fast to pass the U.S. Job Creation and Manufacturing Competitiveness Act of 2013, also known as H.R. 2708, the Miscellaneous Tariff Bill (MTB). 

The MTB suspends import tariffs on products that have no domestic competition allowing U.S. industry to purchase materials at lower prices, thereby lowering costs and opening the door for growth and jobs. At a time when unemployment remains high, and the economic recovery is stagnant, continued higher costs for inputs due to unnecessary duties further threatens the strength of U.S. companies.

"The MTB provides a real booster for our economy," says David Olave, director of international trade and government relations for leading international trade law firm Sandler, Travis & Rosenberg, P.A. "The National Association of Manufacturers estimates that if Congress fails to pass H.R. 2708, the result will be economic losses of over $1.85 billion over the next three years. This could do great harm to the country's economic recovery and the first to feel that negative impact would be American workers." 

MTBs have been a mainstay of U.S. government trade policy for decades. The bills provide three-year temporary reductions or suspensions of duties on certain U.S. imports as well as permanent technical corrections to the U.S. Harmonized Tariff System, an internationally standardized system of names and numbers for classifying traded products. 

The primary purpose of MTBs is to help U.S. manufacturers compete at home and abroad by temporarily suspending or reducing duties on certain products. Products included in the MTB are not produced in the United States, so no U.S. industry is harmed. U.S. manufacturers typically support the import measure because it reduces their operating costs and they can pass those savings on to U.S. consumers in lower priced goods. 

Sandler, Travis & Rosenberg trade professionals have successfully helped dozens of companies realize substantial duty savings by advocating for inclusion of specific items in Miscellaneous Tariff Bills. Keep up with the latest news regarding this bill and other trade issues by subscribing to the firm's Trade and Politics Blog and its daily ST&R Trade Report newsletter.

 

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