September 18, 2018: On September 13, President Trump signed the Miscellaneous Tariff Bill into effect, thereby reducing tariffs on nearly 1,700 items. The new reductions will begin taking place on October 13, a full 30 days after the bill signing. These cutbacks will apply to the affected products through the end of 2020, most of which are chemical, food, and some consumer products. In total, the tariff reductions will result in nearly $1M a day in tax savings for businesses, according to the National Association of Manufacturers (NAM).
It's important to note that there are close to 150 items where the MTB will apply for products that originated in China, but these products may be subject to additional tariffs under Section 301. So while the MTB will offer some relief for manufacturers and importers, those affected items under Section 301 would still have the additional cost applied.
Sources: NAM, BDP International
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