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US Senate passes legislation regarding Section 301 tariffs

June 16th, 2021 / By: / Industry News, Marine

The U.S. Senate has passed comprehensive legislation that establishes a new exclusion process for products impacted by the Section 301 tariffs on imports from China and reinstates exclusions for products that previously received an exclusion, according to the National Marine Manufacturer’s Association website.

The comprehensive legislation, the U.S. Innovation and Competition Act (S.1260), supports American manufacturing and research competitiveness with the aim of reducing reliance on China. The bill includes several provisions related to trade and tariffs, semiconductor research and funding, and support for STEM initiatives, among many other provisions.

Additionally, the measure includes the Office of Manufacturing and Industrial Policy Act–which establishes an office of manufacturing within the White House and develops a strategic national manufacturing policy for the U.S. The bill now heads to the U.S. House of Representatives for its consideration of the comprehensive legislation.