The U.S. House of Representatives last night gave final approval to legislation that will help manufacturers by waiving tariffs on 1,700 imported products. Politico is reporting that President Donald Trump has said he will sign the bill.
According to the National Association of Manufacturers (NAM), the bill would end what amounts to a $1 million a day tax on U.S. manufacturers.
“Manufacturers will now be better equipped to compete and win against companies in China, Europe and elsewhere because the House and Senate have finally moved this legislation,” NAM President & CEO Jay Timmons said.
The Miscellaneous Tariff Bill (MTB) Act of 2018, H.R. 4318, would waive tariffs on raw materials and intermediate goods used by domestic manufacturers. Under the bill, the U.S. International Trade Commission will vet petitions for tariffs cuts.
“As of Tuesday, the White House had been telling stakeholders that Trump would sign the bill, a source close to the process told Morning Trade,” Politico reported.