AEM is calling on Members of Congress to support U.S. manufacturers by voting yes on the American Manufacturing Competitiveness Act.
The legislation, H.R. 4923, will allow for the suspension of import duties on goods not made in the United States which are vital for U.S. manufacturing. The U.S. House Committee on Ways and Means passed the legislation on April 20th with unanimous consent.
Previously referred to as a Miscellaneous Tariff Bill (MTB), this new legislation significantly alters Congress’s involvement in selecting duty suspensions. The International Trade Commission (ITC) will now receive MTB petitions from businesses and solicit comments from the public and the Administration.
The ITC will then forward a package of recommendations to Congress for consideration. Congress will no longer be allowed to add new provisions to the MTB, but will maintain its constitutional oversight role in the Ways and Means Committee.
Since the last MTB expired in 2012, U.S. manufacturers have faced an annual $748 million tax hike, and the U.S. economy has suffered a $1.857 billion economic loss. Enacting this legislation will not only lower U.S. consumer prices, but will boost the competitiveness of American manufacturers in the global market.
The House is expected to vote on the bill as soon as this week. AEM is urging Members of Congress to support this bi-partisan, transparent and common sense legislation.
To learn more about the new MTB process, click here.
For further information, please contact AEM’s Alex Russ (firstname.lastname@example.org, tel: 202-898-9006).