Obama Signs Bill to Eliminate Tariffs on Manufacturing Inputs
Importing things such as rayon staple fibers just got cheaper after President Obama signed the Manufacturing Enforcement Act of 2010 on Aug. 11.
The bill, also known as the Miscellaneous Trade Bill (H.R. 4380), is good until Dec. 31, 2012, and replaces a similar bill that expired on Dec. 31, 2009.
The bill, applying to hundreds of goods, helps out manufacturers that import raw materials to make their finished goods, which include everything from apparel to cars.
The bill is retroactive to Jan. 1, 2010, making importers eligible for refunds on all duties paid after the first of the year. Importers have 180 days to file for a refund. The measure, which Obama says will “help American companies compete” in a global economy, passed the U.S. House of Representatives last month and was approved unanimously by the Senate.
Obama believes the tariff reduction will help U.S. manufacturers to export more of their goods with cheaper prices. “For too long, we’ve been buying too much from the rest of the world,” the president said. “It is vitally important that we reverse that trend.”
Congress is working on a second miscellaneous trade bill that would include even more tariff suspensions.—Deborah Belgum
