President Signs MTB Reform Legislation into Law

President Barack Obama on May 20 signed HR-4923, the American Manufacturing Competitiveness Act, into law, which places initial vetting jurisdiction for miscellaneous tariff bills (MTB) with the International Trade Commission (see 1604130047), the White House said (here). The Senate passed the bill on May 10 under expedited procedures, after the House approved it by a landslide on April 27. The Society of the Plastics Industry trade association on May 20 applauded the signing, saying in a statement (here) that since the expiration of the last MTB on Dec. 31, 2012, U.S. companies have faced a $748 million tariff hike on manufacturing in the U.S., and a $1.9 billion loss to the U.S. economy. “This law is a victory for American manufacturers, consumers and workers," House Ways and Means Committee Chairman Kevin Brady, R-Texas, said in a statement. "When the new process is in place soon, it will be easier for our companies to compete in the global market and create new jobs at home."