The House of Representatives voted unanimously this week to pass H.R. 4318, the Miscellaneous Tariff Bill (MTB) Act of 2018. This bipartisan, bicameral legislation was written to increase the competitiveness of American manufacturers by temporarily reducing tariffs on nearly 1,700 different products that are not otherwise available in the U.S.
“While it may not make headlines, this is a top story and a big deal for manufacturers. Manufacturers and other businesses face what amounts to a nearly $1-million-a-day tax every additional day this issue goes unresolved. That’s thanks to billions of dollars in burdensome tariffs that companies have had to pay since the last MTB expired at the end of 2012, just for buying the supplies they need to build products in America,” said National Association of Manufacturers president and CEO Jay Timmons.