The Miscellaneous Tariff Bill (MTB) expired on December 31, 2012, causing taxes to increase on more than 600 products critical to manufacturers. Today a group of manufacturing CEOs and senior executives sent a letter to congressional leaders urging action on a new MTB package to boost manufacturers’ competitiveness. The MTB is a tariff suspension on hundreds of inputs and products that are essential to the manufacturing process but not available in the United States.
Every day that passes without congressional action on a new MTB results in manufacturers costs going up, making it more expensive to manufacture in the United States. The longer we go without an MTB, the further it sets us back and puts manufacturing jobs at risk. The MTB levels the playing field for manufacturers and helps spur innovation and development of new products.
It’s time for the House and Senate to move forward with a new MTB. Manufacturers in America can’t afford to wait any longer.
Jessica Lemos is director of international trade policy, National Association of Manufacturers.
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