A vote is expected this week on a Motion to Instruct (MTI) proposed by Senator Pat Toomey (R-PA) to include Section 73001 of the U.S. Innovation and Competition Act (USICA) (S.1260) in a final conferenced Bipartisan Innovation Act. This provision was included as part of the Trade Act of 2021, which received a 91-4 vote as an amendment to USICA and would renew all previously expired product exclusions and reinvigorate an exclusions process for all products subject to additional tariffs under Section 301 of the Trade Act of 1974.
The American Chemistry Council (ACC) issues the following statement:
“By reopening and extending the exclusions process for Section 301 tariffs, the proposed MTI would be an important first step toward alleviating the economic burden tariffs have caused to American businesses and consumers. U.S. Secretary of Treasury Janet Yellin has said that lowering tariffs could help ease inflation, which would especially benefit American businesses and consumers who are paying for the vast majority of Section 301 tariffs on imports.
“ACC has long called for a comprehensive review of Section 301 tariffs and most recently signed on to a letter in support of Sen. Toomey’s motion to instruct. A recent analysis by Trade Partnership Worldwide on the impact of Section 301 tariffs on U.S. chemicals trade indicated that the tariffs did not cause U.S. imports of chemicals to fall. Instead, the tariffs largely disrupted the U.S. chemical industry’s supply chains and business operations. It’s time to bring an end to these burdensome tariffs.”
For more information, visit: www.americanchemistry.com
