WASHINGTON — May 20, 2016 — Today, President Obama signed H.R. 4923, the American Manufacturing Competitiveness Act, into law.
Endorsed by the National Council of Textile Organizations (NCTO), H.R. 4923 reforms the process by which Congress will consider future Miscellaneous Tariff Bill (MTB) legislation. Through the MTB, Congress temporarily suspends or reduces tariffs on certain imported products not made in the United States to help American manufacturers reduce costs, create jobs, and compete in the global marketplace.
“We thank President Obama for signing this bill,” said NCTO President and CEO Augustine Tantillo.
“U.S. textile companies are anxious to start submitting requests for tariff relief as quickly as possible,” Tantillo continued.
“The MTB is essential to American competitiveness because U.S. textile manufacturers reinvest the duty savings to boost jobs and innovation,” Tantillo finished.
Posted May 20, 2016
Source: National Council of Textile Organizations (NCTO)