Advertisements

Manufacturers Rally for Renewal of the Miscellaneous Tariff Bill

by Anna

Representatives from the National Association of Manufacturers (NAM), the American Chemistry Council (ACC), and CropLife America, along with representatives from 16 manufacturing companies, held a joint meeting with 17 congressional offices, including 15 lawmakers and staff on the House Ways and Means Committee. The primary agenda was to urge immediate action for the renewal of the Miscellaneous Tariff Bill (MTB).

Advertisements

The previous MTB, which expired in December 2020, has left manufacturers and businesses paying approximately $1.3 million per day in tariffs since then. This accumulates to a significant $1.5 billion over three years, funds that could otherwise be invested in job creation and innovation.

Advertisements

In a statement, NAM emphasized that U.S. manufacturers cannot afford such a direct economic hit and stressed the need for prompt action. The association argued that the MTB legislation is crucial for enhancing competitiveness, fostering growth, and supporting the success of manufacturers, farmers, businesses, workers, consumers, and communities across the United States.

The ACC echoed the sentiment, highlighting that the MTB is vital for supporting advanced manufacturing in the U.S. It plays a pivotal role in domestic chemical production, contributing to key sectors such as agriculture, food production, and industrial manufacturing.

The urgent call for action underscores the economic impact and repercussions on various sectors due to the absence of MTB legislation. Stakeholders are pressing for swift measures to renew the bill, emphasizing its significance in driving economic growth, job creation, and overall competitiveness in the manufacturing landscape.

Advertisements
Advertisements

You may also like

Copyright © 2023 ourmechanicalcenter.com