Manufacturers Thank Senator Hatch for Action on Critical Trade Bill
Bipartisan, Bicameral Miscellaneous Tariff Bill Process Will Boost
Utah Manufacturers’ Competitiveness
Washington, D.C., April 15, 2016 – The National Association of Manufacturers (NAM), the nation’s largest manufacturing trade association, thanked U.S. Sen. Orrin Hatch (R-UT) today for his longstanding and persistent leadership in advancing a transparent, predictable, new Miscellaneous Tariff Bill (MTB) process, introduced this week as the American Manufacturing Competitiveness Act of 2016 (S. 2794/H.R. 4923).
The bill will boost U.S. manufacturing by eliminating unnecessary border taxes paid by U.S. companies on vital components to their final products not available domestically. Congress’ failure to act on MTB over the past three years has left manufacturers to face these costs, ultimately undermining their competitiveness in manufacturing products in Utah and across the nation.
“This legislation will provide vital relief to manufacturers in the United States, making us more competitive at a time when costs are rising and manufacturers big and small are facing a difficult global economy,” said NAM President and CEO Jay Timmons. “The NAM is particularly appreciative of Sen. Hatch’s significant leadership over the past months and years in pushing forward on the creation of a new, predictable MTB process.”
“Through Sen. Hatch’s hard work, Congress now has before it a strong, new MTB process that will enable it to eliminate unfair and anticompetitive taxes, which will have positive impacts on manufacturers and their workers,” he said.
The last MTB passed by Congress expired at the end of 2012. Since then, companies have faced an annual $748 million tax hike on manufacturing in the United States, representing a $1.857 billion loss to the U.S. economy.
Learn more about the importance of advancing MTB legislation here.
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The National Association of Manufacturers (NAM) is the largest manufacturing association in the United States, representing small and large manufacturers in every industrial sector and in all 50 states. Manufacturing employs more than 12 million men and women, contributes $2.17 trillion to the U.S. economy annually, has the largest economic impact of any major sector and accounts for more than three-quarters of private-sector research and development. The NAM is the powerful voice of the manufacturing community and the leading advocate for a policy agenda that helps manufacturers compete in the global economy and create jobs across the United States. For more information about the Manufacturers or to follow us on Shopfloor, Twitter and Facebook, please visit www.nam.org.
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