Miscellaneous Tariff Bill opportunity for importers
The Senate Finance Committee has issued a call for senators to introduce duty suspension and reduction legislation to be included in a Miscellaneous Tariff Bill, the trade law firm Sandler Travis & Rosenberg said in a notice Friday.
'With lawmakers aiming to complete an MTB by the end of this year, importers must act quickly to ensure that duty breaks for their goods are included in a final bill,' ST&R said. 'In light of these time constraints, it is crucial for interested companies to begin working with Congress immediately.
'MTBs are a unique opportunity for U.S. importers to receive duty suspensions or reductions for up to three years. There is no limitation on the number or types of products that can be included in an MTB. The last such bill granted duty suspensions to almost 700 products, including chemicals, yarns, fabrics and numerous other manufacturing inputs as well as food and finished consumer products such as electronics, footwear and sporting goods. MTBs may also include amendments to customs laws and technical modifications to trade preference programs.
For new duty breaks, senators will have until Oct. 30 to submit bills to the Finance Committee, and those bills will then have to undergo an expedited vetting process by relevant government agencies to gauge domestic industry opposition and analyze costs.
Meanwhile, ST&R said duty suspensions already in place under the previous MTB will expire Dec. 31. Consequently, importers interested in extending their current suspensions must submit new bills to Congress to be vetted again.
Miscellaneous Tariff Bill opportunity for importers
