Senate passes trade bill to renew China Exclusions, MTB & GSP
On June 9th, the U.S. Senate approved the U.S. Innovation and Competition Act (S.1260), legislation addressing trade with China that focused on human rights, aggressive Chinese trade policies, U.S. competitiveness and national security threats. The bill re-instates expired exclusions from China tariffs and re-opens the China tariff exclusion process; renews the Miscellaneous Tariff Bill (MTB) and reauthorizes the Generalized System of Preferences (GSP) program; combined these tariff relief opportunities provide more than $100 million in tariff relief to the industry annually. Attention now moves to the House of Representatives, where several bills are under consideration with votes expected on individual pieces of the Senate bill before Congress leaves town at the end of July and then work to reach an agreement with the Senate on a compromise bill. The other option is for the House to adopt Senate version as is which is not expected.
Thank you to everyone who sent letters to Senators asking them to include tariff relief in the U.S. Innovation and Competition Act. Please click below to send a message asking House members to bring back China exclusions, the MTB and the GSP to provide U.S. businesses and consumers vital tariff relief at this important time.
