What Is The Miscellaneous Tariff Bill And How Does It Impact The Manufacturing Supply Chain?
As MSCI’s partners at the National Association of Manufacturers (NAM) pointed out last week, while the U.S. Senate passed a Miscellaneous Tariff Bill (MTB) almost six months ago, the U.S. House still needs to act.
The current MTB authorization, which was approved by Congress in 2018, expired on December 31, 2020. Typically, this program is reauthorized every few years.
As Ali Aafedt, director of trade facilitation policy at NAM, explained, the MTB “supports manufacturers and their workers who make things in America and who have been instrumental to America’s economic resurgence. Amidst a global pandemic, severe supply chain shortages and other hurdles, Congress’ lack of action on the MTB is yet another challenge.” Specifically, the expiration of the MTB without reauthorization means that manufacturers in the United States are paying extra taxes of $1.3 million per day on vital products that are not available in this country.
NAM concluded, “If the House doesn’t pass bipartisan MTB legislation soon, manufacturers, their workers and their communities will continue to face unnecessary additional costs.”
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