The Miscellaneous Tariff Bill is not a topic we see many editorials on, so extra points to the Minneapolis Star-Tribune for tackling the issue’s its importance to the U.S. economy. From “Take job-friendly approach on tariffs: Miscellaneous Tariff Bill needed to help manufacturers.” The newspaper argues that the issues has become unnecessarily involved in the political debate over Congressional earmarks:
[The] nation’s political leaders need to hammer out a compromise quickly. With the economy still struggling to recover, lawmakers need to do everything they can to encourage economic growth and preserve key measures such as the MTB that have helped firms in Minnesota and across the nation stay competitive for years.
The Strib cites a May 5 letter to Congress on the issue from John Engler, president of the National Association of Manufacturers. Excerpt:
The MTB is one of the most important short-term actions that Congress can take to preserve and expand good American jobs, cut the cost of doing business in this country, boost American manufacturing competitiveness, and boost our manufacturing exports.
Another letter came from 130 companies affected by the MTB. Excerpt:
The last MTB, passed by Congress in 2006 has expired. As a result, manufacturers and businesses of all sizes across the country now face higher tariffs on inputs and other products not otherwise available in the United States. These higher costs translate to lost revenue and lower wages. In fact, the MTB has been estimated to support more than 90,000 U.S. jobs and $3.5 billion in GDP growth. The cost-saving achieved by the MTB allow U.S. manufacturers and businesses to maintain competitive operations, invest in new facilities, re-train workers, and preserve our manufacturing base. In short, the enactment of the MTB, including new duty suspensions that have been fully vetted, is vital to the U.S. economy.
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