The American Chemistry Council (ACC) recently issued a statement on the House passage of the American Manufacturing Competitiveness Act of 2016, a bill that reportedly would help eliminate import duties on raw and intermediate products that are not produced or available domestically, but are relied upon for innovation.
“ACC and our members applaud Chairmen Brady and Reichert and Ranking Members Levin and Rangel for their leadership in working swiftly to eliminate tax burdens that have put our industry and other industry sectors at a disadvantage in the global marketplace,” the statement reads. “Given our early position in the value chain, domestic chemical manufacturers and the thousands of businesses that depend on our products are especially poised to capitalize on the tariff relief provided by this legislation. By codifying a bipartisan, transparent process forward for the consideration of miscellaneous tariff bills, this bill can help further stimulate the ongoing U.S. manufacturing renaissance, driven by the shale gas boon.
“Today, domestic chemical manufacturers produce 15% of the world’s chemicals and account for 14% of all U.S. exports, amounting to $191 billion in 2014. Gross exports of chemical products directly linked to natural gas are projected to double in 15 years, from $60 billion in 2014 to $123 billion by 2030.
“ACC urges leaders in the Senate to build on the momentum set by their colleagues in the House and take swift action on the passage of tariff suspension legislation.”
For more information, visit www.americanchemistry.com.
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