NJBIA is urging companies to support the National Association of Manufacturers’ efforts to pressure Congress to pass legislation that would reduce or eliminate tariffs on imported materials that are either not made in the U.S. or are not available in sufficient quantities.
Typically, the Miscellaneous Tariff Bill (MTB) is reauthorized every few years, but the 2018 law expired at the end of 2020, leaving U.S. manufacturers paying extra taxes of $1.3 million per day on vital materials that are unavailable in this country.
The tariffs have made it difficult for U.S. manufacturers to manage production costs for U.S.-made products and driven up the cost consumers pay for U.S.-produced goods.
New Jersey businesses are asked to sign a letter by Nov. 24 that will be sent to the leaders of Congress urging action on the MTB before the end of 2021.
“As manufacturers and businesses work to lead the U.S. economic recovery in the face of supply chain constraints, shipping challenges, rising prices and other COVID-19-related issues, Congress can lift one hurdle by passing the MTB,” the letter states. “Doing so will support the competitiveness and growth of manufacturers and other businesses in the United States and the millions of American workers they employ at a critical time.”
NJBIA and NAM are asking companies, business and industry associations, state and local chambers and allied organizations to join the effort to get the MTB passed by going online to sign the letter to Congressional leaders here.
To read more about how the lack of an MTB is hamstringing manufacturing companies, go to NAM’s website here.