The Senate cleared legislation on Thursday that would eliminate duties on imported raw materials used for production that aren’t readily available in the United States.
Sen. Ron Wyden
Ronald (Ron) Lee WydenSenate passes tariff-relief bill Trump Treasury nominee defends guidance reducing donor disclosure NSA watchdog finds 'many issues of non-compliance' in agency's data handling MORE[3][4][5][6][7][2] (D-Ore.) added that the bill was the product of a "bipartisan effort and an inter-agency process to boost the competitiveness of U.S. manufacturers around the world.”
The bill comes as Trump's broader trade policies have rankled Republicans on Capitol Hill, who worry steep tariffs on steel and aluminum imports will roil the economy months before a midterm election.
The tariff cuts included in Thursday's legislation, which initially expired roughly six years ago, are expected to save businesses millions of dollars a year while making them more globally competitive.
“This is a significant step forward for manufacturers, who, along with other businesses, are losing nearly $1 million every day until this bill becomes law," said Jay Timmons, the president and CEO of the National Association of Manufacturers (NAM).
He added that the House should "act quickly, pass the Senate version of the bill and get it to President Trump’s desk for his signature.”
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References
- ^ passed the House in January (thehill.com)
- ^ Ron Wyden (thehill.com)
- ^ Ronald (Ron) Lee Wyden (thehill.com)
- ^ Senate passes tariff-relief bill (thehill.com)
- ^ Trump Treasury nominee defends guidance reducing donor disclosure (thehill.com)
- ^ NSA watchdog finds 'many issues of non-compliance' in agency's data handling (thehill.com)
- ^ MORE (thehill.com)
- ^ had urged Congress (thehill.com)