WASHINGTON (May 15, 2024) – The American Chemistry Council (ACC) issued the following statement in response to the introduction of the Miscellaneous Tariff Bill (MTB) Reform Act and can be attributed to Jason Bernstein, Director Global Affairs (International Trade and Supply Chain):
“The MTB Reform Act is one of the most important pieces of trade legislation in several years. This Bill would temporarily reduce or eliminate import duties on thousands of materials that are not produced domestically or available in sufficient quantities. Such materials are used by our producers to make highly innovative and advanced chemicals right here at home - products such as rubbers, sealants, polymers, and acetates that are used to produce semiconductors, electric vehicle batteries, solar materials, and biotechnology and construction goods. Such products are also used to make U.S. agricultural goods that are part of the farmer-to-food value chain, so the MTB would lower input prices and mitigate inflationary price pressures for U.S. farmers, ranchers, and consumers.
Passage of this MTB Bill would greatly benefit U.S. chemical production, by reducing domestic production costs for chemicals rather than relying on imports. In fact, the International Trade Commission found that tariff relief under the previous MTB boosted U.S. GDP by as much as $3.3 billion and output annually by as much as $6.3 billion. Since the MTB has expired in December of 2020, U.S. businesses and their customers have paid over $1.5 billion in anti-competitive tariffs, equal to $1.3 million per day.
“ACC and our members would like thank Chairman Smith and all of the original co-sponsors for taking this important step towards MTB passage which shows real leadership on advancing a trade agenda which benefits businesses and consumers.”
