Last week, the NAM applauded Chairman Camp, Chairman Nunes, Ranking Member Levin and Ranking Member Rangel for introducing Miscellaneous Tariff Bill (MTB) legislation – H.R. 2708, the U.S. Job Creation and Manufacturing Competitiveness Act. The MTB is critical to keeping manufacturing in the United States strong by cutting costs for manufacturers and helping them stay competitive.
Manufacturers have been without an MTB for more than 200 days, which has resulted in significantly higher costs and in some cases, reduced hours for workers and even layoffs. Now that the MTB has been introduced, the NAM is calling on the House of Representatives to act on it as quickly as possible. Failure to move this legislation will result in a whopping $748 million tax on manufacturing in the United States, and economic losses amounting to $1.857 billion over the next three years.
The MTB eliminates or reduces hundreds of import duties on raw materials and manufacturing inputs that are not available in the United States. The MTB enacted in 2010 was estimated to support 90,000 jobs, increase U.S. production by $4.6 billion and expand U.S. GDP by $3.5 billion.
The MTB is a commonsense jobs bill that saves millions of dollars annually for manufacturers in the United States, allowing them to invest in their facilities and hire new employees. Small companies especially, like the Gowan Group in Yuma, Arizona, rely heavily on the MTB to keep their costs low and to retain and grow jobs. According to Julie Jessen, CEO of Gowan, “MTB moving forward will make the services of the more than 400 people working here more competitive and our jobs more secure.”
Each day that passes without an MTB hurts manufacturing in the United States and threatens domestic manufacturing jobs. Congress must act on H.R. 2708 without further delay!