WASHINGTON, D.C. – Today during a Republican Ways and Means Trade Subcommittee roundtable, Congresswoman Carol Miller (R-WV) emphasized the need to reauthorize the Generalized System of Preferences (GSP) and the Miscellaneous Tariff Bill (MTB), two bipartisan, job-creating trade programs that expired in December 2020.
Democrats' delay of renewing these two commonsense trade programs has already cost American businesses over $450 million, and will continue to cost even more – including jobs for American workers. This also hurts small businesses and manufacturers who are already struggling under a severe worker shortage, higher production costs, and the prospect of crippling tax hikes.
Congresswoman Miller joined her fellow Republican Ways and Means members in cosponsoring the Trade Preferences and American Manufacturing Competitiveness Act to improve and reauthorize GSP and MTB. The bill would also extend the American Manufacturing Competitiveness Act (AMCA) to pave the way for two future cycles of the MTB.
Click here to watch her remarks or read them as prepared below:
After hearing this discussion, it is clear that we need action, and we need it quickly. Failure to reauthorize GSP and MTB has real and direct impacts on workers, families, and American business. These same businesses and workers are currently confronting the possibility of a significant increase in their tax bills. Relief, where we can provide it in a bipartisan manner, is critical.
I am glad that Ways and Means Republicans introduced legislation to reauthorize these critical programs. I urge my colleagues across the aisle to join us in this effort so we can act quickly to deliver real relief to Americans.
Mrs. Cooper, How has your company impacted the lives of women in developing countries?
Has delay in renewal of GSP caused these women to lose money and opportunity?
What about small, female-owned businesses here in America?
Mr. Baer, How has the delay in renewal of GSP and MTB affected your ability to grow your business?
On top of potential tax increases, how would your business have to change should GSP and MTB not be renewed?
Background:
Generalized System of Preferences (GSP) is the largest and oldest U.S. trade preference program. Initially established by the Trade Act of 1974, GSP promotes both the competitiveness of U.S. firms of all sizes and economic development throughout the world by eliminating duties on thousands of products when imported from one of 119 designated beneficiary countries and territories.
The Miscellaneous Tariff Bill (MTB) temporarily reduces or suspends duties on certain imported products to boost the competitiveness of U.S. manufacturers by lowering the cost of imported inputs without harming domestic firms that produce competing products.
The 2018 MTB passed the House by a unanimous recorded vote of 402-0 and the 2018 GSP renewal passed the House by a 400-2 margin, without a single House Democrat voting against either program.
Both programs expired on December 31, 2020.
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Original source can be found here.
