On December 31, 2020, tariff suspensions included in the Miscellaneous Tariff Bill (MTB) Act of 2018 will expire, as will the process for reviewing MTB petitions. Congress generally considers an MTB every two years to temporarily eliminate costly tariffs on products with zero, or insufficient, domestic availability. Many of the products included in the MTB are intermediate goods, such as chemicals and food stuffs, and eliminating tariffs on them helps American businesses to stay competitive.
Earlier this month, the Senate approved the 2021 United States Innovation and Competition Act, which includes a significant trade amendment called the Trade Act of 2021.
It's critical that Congress pass legislation to renew the Miscellaneous Tariff Bill (MTB) and the Generalized System of Preferences (GSP) before the end of the year.