As we noted in January, the “fiscal cliff” swerve deal enacted by Congress failed to address many issues facing the country and, specifically, manufacturers. We’ve seen the sequester deadline come and go, but we haven’t seen Congress take up the issue of the Miscellaneous Tariff Bill (MTB), which has not been re-enacted.
The MTB waived duties on over 600 products “that don’t face any domestic competition and that don’t cost the customs service more than $500,000.” Many manufacturers argue that the failure to re-enact the MTB has raised prices for manufacturers dealing in raw goods and components they source from outside the country.
Today, a group of manufacturing CEOs and senior executives sent a letter Congress arguing for a new MTB package to assist U.S. manufacturing competitiveness.
Jessica Lemos, director of international trade policy at the National Association of Manufacturers (NAM), summarized the letter’s contents by noting “the longer we go without an MTB, the further it sets us back and puts manufacturing jobs at risk.”