US businesses can start applying for tariff reductions on scarce products

US businesses can start applying for tariff reductions on scarce products
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The House Ways and Means Committee said Friday that U.S. businesses can start applying for the temporary suspension of duties on products that are not available or in short supply domestically.  

Panel Republicans and Democrats said the U.S. International Trade Commission (ITC) will analyze the requests and make recommendations to Congress.

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In a letter to their congressional colleagues — panel Chairman Kevin BradyKevin Patrick BradyOn The Money: Five takeaways from the July jobs report Stimulus checks debate now focuses on size, eligibility Pelosi huddles with chairmen on surprise billing but deal elusive MORE (R-Texas), ranking member Sandy Levin (D-Mich.), Trade Subcommittee Chairman Dave ReichertDavid (Dave) George ReichertWashington Rep. Kim Schrier wins primary Mail ballot surge places Postal Service under spotlight Bottom Line MORE (R-Wash.) and subcommittee ranking member Charles Rangel (D-N.Y.) — outlined how businesses and manufacturers will benefit from the new Miscellaneous Tariff Bill (MTB) process.

Without the long-awaited law, businesses would have faced an annual $748 million tax hike on manufacturing in the United States, representing a $1.85 billion loss to the economy.

Business groups had been urging Congress to renew the legislation since the last measure expired at the end of 2012.

Manufacturers and other firms have until Dec. 12 to file petitions at the ITC, which will be followed by a period of public comment in January before evaluating each request.

The ITC will then final recommendations, which are due next summer, to Congress.

The ITC will look at several aspects of the request including whether there is an objection by any domestic producers.

Congress cleared the legislation in May for President Obama’s signature.