Regulations & EHS&S
SOCMA applauds signing of Miscellaneous Tariff Bill into law 17th September 2018
SOCMA has long been an advocate for tariff relief, which provides access to cost-competitive materials not manufactured domestically or available in sufficient quantities in the United States. As SOCMA members plan long-term business strategy, MTB renewal provides enhanced certainty and promotes business growth.
“International trade is an essential component of our members’ livelihood,” said Jennifer Abril, SOCMA President and CEO. “The cost of goods is a key driver in the market, and with this passage firms can better compete on a global scale. And for this reason, SOCMA has long had a keen interest in the MTB process and efforts to remove tariffs on ingredients that members import. We thank President Trump for signing the MTB Act and House and Senate leadership for their efforts in passage of this bipartisan legislation.”
SOCMA members by necessity import some of the chemicals needed to support production. The elimination of these duties has a large impact on the ability of chemical manufacturers to spend capital to develop, register and sell products. With passage of this legislation, money that historically has gone to duties can now be put towards growth and job creation.