Business Groups Call for Senate Finance Committee to Begin Work on Miscellaneous Tariff Bill
On May 20, 2009, the National Foreign Trade Council and six other business groups1, along with the U.S. Chamber of Commerce, sent a letter to the Senate Finance Committee urging its members to begin work on the miscellaneous tariff bill (MTB).
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U.S. Companies Disadvantaged by High Tariffs, Letter Urges Prompt Action
The letter states that manufacturers rely on the MTB to ensure the enactment of duty suspension provisions vital to the U.S. economy. Without relief from tariffs on key raw materials and components, U.S.-based companies are disadvantaged in the global marketplace. At a time of economic turmoil, U.S. manufacturers cannot afford higher costs resulting from an outdated tariff code.
Therefore, it is essential that the Senate Finance Committee move promptly to commence the process of consideration of the next MTB.
Duty Suspension Requests Involve Reviews to Verify No Domestic Competition
According to the letter, the duty suspension request process is highly transparent, with extensive reviews by the International Trade Commission, Commerce Department, and U.S. Customs and Border Protection to verify that there are no competing domestic interests and that revenue limits are maintained.
Ways & Means is Currently Drafting a MTB Bill with a Markup Anticipated Soon
The letter adds that the House Ways and Means Committee is currently drafting a bill with a markup anticipated in the near future. The groups urge the Committee to initiate the Senate MTB effort as soon as possible, by announcing plans for Senate Finance Committee action. Doing so will signal to Senate colleagues that work on a new MTB has begun in earnest and will ensure that the Senate has sufficient time to act on the legislation.
1The American Chemistry Council, Association of Equipment Manufacturers, Business Roundtable, Emergency Committee For American Trade, and National Association of Manufacturers (NAM) joined the Manufacturing Tariff Bill Coalition in issuing the letter.
(See ITT's Online Archives or 03/13/09 news, 09031320, for BP summary of a Congressional letter urging House Ways and Means leadership to make MTB a priority.)
Groups' letter (dated 05/20/09) available at http://nftc.org/default/Trade%20Policy/Trade_Preference_Programs/5_20%20MTB%20Coalition%20Letter%20to%20Senate%20Finance%20and%20Leadership.pdf