May 15, 2024
Contact:
Genevieve Strand
Director, Government Relations
gstrand@socma.org
SOCMA Praises Legislation to Reauthorize Key Trade Program
SOCMA strongly supports the introduction of the Miscellaneous Tariff Bill Reform Act by Trade Subcommittee Chair Adrian Smith (R-NE) with nearly 20 cosponsors, including 17 Ways and Means Committee members. SOCMA has been advocating for MTB reauthorization since 2020 and focused on educating congressional offices on the Ways and Means Committee.
The Miscellaneous Tariff Bill (MTB) is a critical piece of legislation that reduces or suspends tariffs on imported materials not available in the U.S., or not available in sufficient quantities. The bill is relied upon by U.S. manufacturers, particularly small to mid-size companies like many SOCMA manufacturer members, who make essential products that go into everyday goods.
The bill expired on December 31, 2020. As a result of the MTB expiration, SOCMA members and manufacturers of all sizes across the country now face higher tariffs on more than 3,000 inputs not otherwise available in the United States. The lapse in MTB has increased the cost of domestic production and decreased global competitiveness for manufacturers in the specialty chemical industry.
“We applaud Chairman Smith for his efforts to renew the program and look forward to its swift passage by the full House of Representatives.”” stated Robert F. Helminiak, Vice President of Legal and Government Relations. “SOCMA supports this legislation, with provisions for retroactivity to Jan 1, 2021. The cost-savings achieved by the MTB will allow SOCMA members to maintain competitive operations, retrain workers and reinvest in new facilities.
For more information on MTB and SOCMA’s other trade priorities, visit our website dedicated to trade: Strengthening U.S. Competitiveness in the Specialty Chemical Industry – Society of Chemical Manufacturers & Affiliates | Society of Chemical Manufacturers & Affiliates (socma.org)