The Senate approved a tariff reform bill on Tuesday that was co-introduced by U.S. Sen. Rob Portman (R-OH) to boost U.S. manufacturing and to create jobs. The bill, previously passed by the House, now goes to President Barack Obama to be signed into law.
The bipartisan American Manufacturing Competitiveness Act, H.R. 4923, would reform processes for the Miscellaneous Tariff Bill (MTB), which provides tariff relief to U.S. manufacturers that need to import specialized product inputs.
The measure is based on a bill that Portman and U.S. Sen. Claire McCaskill (D-MO) introduced last year.
“This bipartisan jobs bill embraces and builds on the work that Sen. McCaskill and I have done over the last few years, and I’m pleased it’s now ready for the president’s signature,” Portman said. “This measure will reform this tariff process in order help our manufacturers reduce costs, create jobs and compete in the global market.”
Under the bill, manufacturers would be allowed to apply directly to the nonpartisan International Trade Commission (ITC) for tariff relief, and the ITC would then consider the request and forward a recommendation to Congress.
“I have worked hard to help Ohio manufacturers who face unfair foreign competition, and this measure is consistent with those efforts by ensuring our business and workers don’t have to pay unnecessary and anticompetitive taxes,” Portman said. “As a result, these reforms will boost our manufacturers, grow wages, and create more jobs.”
U.S. Sen. Orrin Hatch (R-UT), who introduced the Senate version of the bill with Portman and others, including U.S. Sens. Richard Burr (R-NC) and Pat Toomey (R-PA), said that Congress must ensure American job creators could compete in the global economy.
“This legislation helps American manufacturers level the playing field through tariff relief which lowers production costs on parts that simply can’t be found here at home,” Hatch, the chairman of the Senate Finance Committee, said. “While long-overdue, this legislation represents a true bipartisan, bicameral commitment to helping our economy with more jobs, bigger paychecks, and a stronger American manufacturing base.”
U.S. Rep. Kevin Brady (R-TX), the chairman of the House Ways and Means Committee, applauded the Senate’s approval of the American Manufacturing Competitiveness Act on Tuesday.
“American manufacturers are now one step closer to having the clarity, consistency, and confidence they need to reduce their costs, grow their businesses, and create jobs,” Brady said. “Our bill also gives Americans the transparency they deserve. It’s exactly the type of commonsense, pro-growth solution we need to strengthen our economy.”