NAM Says Tariff Reductions Would Help Recovery
The National Association of Manufacturers is arguing that Section 301 tariffs should be lowered or at least suspended “to spur economic growth and job creation,” and, where Section 301 refunds were already due, accelerate the process. Speeding up tariff refunds and duty drawback payments would allow companies “to rehire and reinvest as soon as possible,” the trade group said.
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They're also asking that Congress renew the Generalized System of Preferences benefits program and extend the Miscellaneous Tariff Bill.
The U.S. trade representative and Congress “should recommit to an active trade agenda to remove foreign trade barriers and open critical markets, including by restarting trade negations paused or slowed during the coronavirus -- such as binding “phase two” China trade agreement negotiations -- and launching negotiations to eliminate tariff and nontariff barriers with like[-]minded countries (for example, U.S.-EU, U.S.-UK and U.S.-Kenya negotiations),” NAM said.
The group also wants any idea of withdrawing from the World Trade Organization's government procurement agreement to be put on hold.