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Senate passes American Manufacturing Competitiveness Act
12
May '16
The US Senate passed the American Manufacturing Competitiveness Act (H.R. 4923), by unanimous consent on Tuesday. Because the House of Representatives passed an identical bill by a vote of 415-2 on April 27, H.R. 4923 will be sent to President Barack Obama for his expected signature into law.

Once it comes into force, the law will benefit textile producers and apparel brands by eliminating tariffs on imported goods that are not commercially available in the US. The American Manufacturing Competitiveness Act of 2016, will eliminate or reduce hundreds of import duties on raw materials and intermediate products that are not produced or available domestically. Specifically, it “establishes a process for the submission and consideration of petitions for temporary duty suspensions and reductions.”

The American Manufacturing Competitiveness Act has been hailed by American retailers and manufacturers.

The National Council of Textile Organizations (NCTO) has also endorsed H.R. 4923 which reforms the process by which Congress will consider future Miscellaneous Tariff Bill (MTB) legislation.

Through the MTB, Congress temporarily suspends or reduces tariffs on certain imported products not made in the US to help American manufacturers reduce costs, create jobs, and compete in the global marketplace.

“This is a big win for US manufacturing,” said NCTO President and CEO Augustine Tantillo. “We thank the Senate for moving the House bill quickly.”

“The MTB is essential to American competitiveness because US textile manufacturers reinvest the duty savings to boost jobs and innovation,” Tantillo concluded. (SH)

Fibre2Fashion News Desk – India


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