NEWS FLASH: Senate passes own version of MTB bill

The House must now pass the new version of the legislation before it goes to President Donald Trump for approval.    The Senate on Thursday unanimously passed a version of the miscellaneous tariff bill (MTB), separate from the House version that passed in January.
   The House must now pass the new version of the legislation before it goes to President Donald Trump for signature.
   National Association of Manufacturers CEO Jay Timmons in a statement urged the House to quickly pass the Senate version of H.R. 4318.
   Broadly speaking, the legislation would amend the Harmonized Tariff Schedule to provide duty suspensions and reductions for specified chemicals and other items through Dec. 31, 2020.
   “Right now, manufacturers are hit with costly, senseless taxes any time they buy products or supplies that aren’t available in the United States,” Timmons said in a statement. “It makes no sense because it is a direct and punishing tax on making things in America and for creating jobs in America. This bill ends that unfairness and helps manufacturers in the United States better compete for business with companies in China, Europe and elsewhere.”
   The last batch of tariff reductions under an MTB expired at the end of 2012.
   Former President Barack Obama in 2016 signed the American Manufacturing Competitiveness Act into law, which established a new process for businesses wishing to obtain MTB benefits.
   Under the process, companies petition the International Trade Commission (ITC), after which the ITC determines whether the petitions meet the requirements of that statute, including that no domestic producers of like products object to proposed tariff reductions or suspensions.