The Society of the Plastics Industry Inc. calls the passage of the Manufacturing Enhancement Act of 2010 "a hard-earned victory for job creation and the competitive hopes of American plastics manufacturers." I blogged earlier today about SPI President Bill Carteaux attending the White House ceremony today (Aug. 11) where President Barack Obama signed the act into law. Here's what SPI has to say about the law today:
SPI's advocacy team worked tirelessly over two-plus years to strongly encourage Congress to pass the Miscellaneous Tariff Bill (H.R. 4380). The legislation renews a number of expired tariff measures and reduces duties on manufacturing materials (including several essential to the plastics industry) that are not produced domestically, thus lowering costs for U.S. manufacturers. The bill, now formally named the Manufacturing Enhancement Act of 2010, was approved by both the U.S. House and Senate in late July. "It was an honor to attend the ceremony today and the occasion marks real progress toward leveling the playing field for U.S. plastics manufacturers competing in the global marketplace," said Carteaux. "This law will cut the cost of doing business for SPI members and the entire U.S. plastics industry. Free from the burden of tariffs on manufacturing inputs not produced in the U.S., plastics companies will find it less challenging to maintain or increase their current workforce, spur investments and eventually help turn the tide in the nation's economic recovery."Obama highlighted a few plastics-related examples in his remarks: "The Manufacturing Enhancement Act of 2010 will create jobs, help American companies compete, and strengthen manufacturing as a key driver of our economic recovery," Obama said. "And here's how it works. To make their products, manufacturers -- some of whom are represented here today -- often have to import certain materials from other countries and pay tariffs on those materials. This legislation will reduce or eliminate some of those tariffs, which will significantly lower costs for American companies across the manufacturing landscape -- from cars to chemicals; medical devices to sporting goods. And that will boost output, support good jobs here at home, and lower prices for American consumers."