Senate Passes Legislation to Reopen Tariff Exclusion Process
On Wednesday, the U.S. Senate passed comprehensive legislation that establishes a new exclusion process for products impacted by the Section 301 tariffs on imports from China and reinstates exclusions for products that previously received an exclusion. Reinstating previous exclusions and establishing new opportunities for manufacturers to make the case for why their products should be excluded from the Section 301 tariffs have been top priorities for NMMA.
The comprehensive legislation, the U.S. Innovation and Competition Act (S.1260), supports American manufacturing and research competitiveness with the aim of reducing reliance on China. The bill includes several provisions related to trade and tariffs, semiconductor research and funding, and support for STEM initiatives, among many other provisions.
Additionally, the measure includes the Office of Manufacturing and Industrial Policy Act – which establishes an office of manufacturing within the White House and develops a strategic national manufacturing policy for the U.S. NMMA endorsed the legislation earlier this year and appreciates the efforts of Senator Klobuchar (D-MN) and Senator Wicker (R-MS) to include the bill in the overall package.
The bill now heads to the U.S. House of Representatives for its consideration of the comprehensive legislation. NMMA will continue monitoring the progress of this bill in Congress and advocating for priorities that assist marine manufacturers.
Article Author: Boating Industry Editors