President Obama signed into law the American Manufacturing and Competitiveness Act of 2016 on May 20. The bill was approved by the House on April 27th and passed the Senate on May 10th.
The new law calls for a three-step process under the Miscellaneous Tariff Bill (MTB) to suspend tariffs paid on needed materials that are not created in the U.S. The law received bipartisan support and, upon its passage in the Senate, Finance Committee ranking member Ron Wyden, D-Ore., applauded the bill. “The American Manufacturing Competitiveness Act, which will cut import taxes that U.S. manufactures pay, is critical for American manufacturing, American jobs and the American economy,” Wyden said.
After the president signed the bill into law, House Ways and Means Chairman Kevin Brady, R-Tex., issued the following statement: “This law is a victory for American manufacturers, consumers and workers.” He added, “When the new process is in place soon, it will be easier for our companies to compete in the global market and create new jobs at home.”