Posted August 12, 2010
Obama signs manufacturing bill
President Barack Obama has signed a bill meant to reduce costs for U.S. manufacturers and help them regain their footing in the shaky economy.
The U.S. Manufacturing Enhancement Act of 2010 would reduce and suspend tariffs on certain materials U.S. companies must import to make their products. It passed both houses of Congress with bipartisan support.
The National Association of Manufacturers says the new law will help create jobs, cut costs for businesses and consumers and boost U.S. exports. The industry trade group says studies show the bill would increase production by $4.6 billion and support 90,000 jobs.
"Manufacturers of all sizes use the vital tariff suspensions contained in the Miscellaneous Tariff Bill to obtain raw materials, proprietary inputs and other products that are not available in our nation. Without them, the costs of these companies' products will inevitably increase, forcing them to pass on these costs to consumers. This hinders competitiveness and translates into lost jobs for American workers," said NAM president and CEO John Engler.
In a prepared statement, Engler urged both Congress and the Administration to help lower trade barriers to increase exports. "Today's report that exports decreased in June further illustrates why action is needed now," Engler added.
