Senate Passes Tariff Relief Bill
May 20, 2016
Last week, the U.S. Senate passed a bill that will provide tariff relief for U.S. manufacturers while complying with the congressional ban on earmarks.
The Miscellaneous Tariff Bill, which will overhaul the process for reducing or eliminating tariffs on imported inputs and products not available or in short supply domestically, passed by unanimous consent. It will now be sent to President Obama’s desk for his signature.
Business groups have been urging Congress to renew the legislation since the last measure expired at the end of 2012. Without a measure in place, manufacturers have faced an annual $748 million tax hike on manufacturing in the United States, representing a $1.85 billion loss to the U.S. economy, according to figures provided by the National Association of Manufacturers. The House easily passed the bill on a 415-2 vote on April 27, ahead of last week’s recess.