US Senate Passes Tariff Relief Act

In January 2018, the US House of Representatives unanimously approved the Miscellaneous Tariff Bill and sent it to the US Senate for consideration.  The bill contains nearly 1,700 eligible petitions for the tariff break as reported by the U.S. International Trade Commission, which vetted applications for duty relief.  The U.S. Chamber of Commerce and the National Association of Manufacturers estimate that the legislation would eliminate import tariffs of more than $1.1 billion over the next three years and boost U.S. manufacturing output by more than $3.1 billion.  The Senate, on July 26^th, passed the legislation with amendments, requiring it to go back to the House for a vote before heading to President’s Trump’s desk.  The tariff cuts included in the legislation, which initially expired roughly six years ago, are expected to save businesses millions of dollars a year while making them more globally competitive.