Many companies are looking for opportunities to reduce or eliminate duties on products they import. Congress recently passed a reform measure codifying a duty reduction process, known as the Miscellaneous Tariff Bill (MTB), that reduces duties assessed on more than a thousand imported raw materials and intermediate products that are not produced in the U.S. or are unavailable domestically.
Under new rules, importers seeking tariff relief will submit petitions directly to the International Trade Commission (ITC) instead of Congress. Starting on October 15th of this year, businesses will have a total of 60 days to propose tariff suspensions on particular imports.
MTB duty savings are anticipated to eliminate import taxes in excess of $700 million annually, thereby cutting production costs in the United States and enhancing the competitiveness of U.S. manufacturers.
This 1-hour webinar will cover the new petition process, from filing to implementation, as well as how to identify imports that may qualify for temporary duty reduction.
To view the recording for this webinar, click here.