MTB enacts the temporary reduction or suspension of duties on certain US imports or other technical corrections to the US Harmonized Tariff System. The MTB would reduce or eliminate tariffs on nearly 1,700 imported items that are not manufactured or available domestically.
The last MTB passed by Congress expired on December 31, 2012. Since then, many US businesses have paid billions of dollars in tariffs on products that are not made in the US, to the detriment of American jobs and competitiveness.
The MTB of 2018 would eliminate import tariffs of more than $1.1 billion over the next three years. Furthermore, it would boost US manufacturing output by more than $3.1 billion.
All signs point toward the bill receiving full approval from governing bodies, in which case it would be enacted in Q4 of 2018.
Products that span different industries are listed on the current MTB. The full outcome and ramifications remain to be seen, but BDP International is actively monitoring the MTB and its effect on our customers.
Stay tuned for more information as it becomes available.