ARLINGTON, Va., Sept. 14, 2018 /PRNewswire/ -- The Society of Chemical Manufacturers & Affiliates (SOCMA) applauds Congress and the Administration for reinstating the Miscellaneous Tariff Bill (MTB) Act of 2018 on Thursday, September 13. The House of Representatives agreed in a voice on September 4 to Senate amendments made to the act last month, sending the legislation to the President for signature.
The last MTB passed by Congress expired on December 31, 2012. The new bill goes into effect 30 days after the President's signature, which should be as early as October 13.
SOCMA has long been an advocate for tariff relief, which provides access to cost-competitive materials not manufactured domestically or available in sufficient quantities in the United States. As SOCMA members plan long-term business strategy, MTB renewal provides enhanced certainty and promotes business growth.
"International trade is an essential component of our members' livelihood," said Jennifer Abril, SOCMA President and CEO. "The cost of goods is a key driver in the market, and with this passage firms can better compete on a global scale. And for this reason, SOCMA has long had a keen interest in the MTB process and efforts to remove tariffs on ingredients that members import. We thank President Trump for signing the MTB Act and House and Senate leadership for their efforts in passage of this bipartisan legislation."
SOCMA members by necessity must import some of the chemicals needed to support production. The elimination of these duties has a large impact on the ability of chemical manufacturers to spend capital to develop, register and sell products. With passage of this legislation, money that historically has gone to duties can now be put towards growth and job creation.
With President Trump's signature, the temporary duty suspensions or reductions will be included in an amendment of the Harmonized Tariff Schedule of the United States for a period not to exceed three years. The 2017 petitions list, as well as guidelines and tools to assist on MTB filing procedures, can be found on the USITC website.
The Society of Chemical Manufacturers & Affiliates (SOCMA) is part of a $300 billion industry that's fueling the U.S. economy. Our members play an indispensable role in the global chemical supply chain, providing specialty chemicals to companies in markets ranging from aerospace and electronics to pharmaceuticals and agriculture. www.socma.com.
SOURCE Society of Chemical Manufacturers & Affiliates