President Obama signs tariff reduction bill
24/05/2016
The Miscellaneous Tariff Bill (MTB) measure, which was approved by the senate on May 10, would overhaul the process for reducing or eliminating tariffs on imported products or components not available or with limited availability in the US. The new legislation would see any petition for tariff relief go to the International Trade Commission (ITC), who would review the evidence presented and make its recommendations to Congress.
The bill has been held up for more than three years due to concerns that it would not comply with the congressional ban on earmarks. The previous MTB expired at the end of 2012.
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