Many companies are looking for opportunities to reduce or eliminate duties on products they import. In 2015, Congress passed legislation 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. The first round of tariff suspensions under the new MTB process went into place in October of last year.
The second round of the MTB process begins on October 11th of this year, businesses will have a total of 60 days to propose tariff suspensions on particular imports. The petitions are submitted to the US International Trade Commission for review. The successful submissions are combined into a single piece of legislation that Congress aims to pass next year.
MTB duty savings are anticipated to eliminate import taxes in excess of $700 million annually and reduce tariffs on well over 1000 imported products, thereby cutting production costs in the United States and enhancing the competitiveness of U.S. manufacturers.
Please join Kelley Drye International Trade attorney Jennifer McCadney and senior International Trade advisor Gregory Mastel for a 1-hour webinar that will cover the new petition process, from filing to implementation, as well as how to identify imports that may qualify for temporary duty reduction.