Tariff Suspension Legislation Re-Introduced in House
Yesterday in the House of Representatives the leadership of the Ways & Means Committee introduced a Miscellaneous Tariff Bill that would, if it becomes law, suspend U.S. customs duties temporarily on over 2,000 imported items needed by U.S. manufacturers but not manufactured in the U.S. Included in the package are several types of electrical componentry of interest to NEMA members. The National Association of Manufacturers estimates that tariff savings for U.S. companies of over $748 million annually. If the bill is not enacted, that amount would be charged in U.S. customs duties to U.S. importers of the inputs, parts and components.
You might ask why something so favorable for U.S. companies is not already law. The simple answer is earmarks. There are members of the House and Senate who find that the benefits conferred by the tariff suspension are limited to a small number of parties and thus the proposals count as earmarks. So, in short, passage of the bill is uncertain. To weigh in with your legislators, click here.
07-18-2013 8:31 PM