April 27, 2022 – In advance of Congress completing work on trade legislation next month, the Sports & Fitness Industry Association (SFIA) joined more than 200 companies and industry organizations on an April 26th letter to Congressional Leaders. The letter presses for the inclusion of a robust Miscellaneous Tariff Bill (MTB) in the trade legislation currently being negotiated. SFIA had 84 petitions approved for the MTB with a potential $42 million in tariff relief on industry products.
The letter points out that manufacturers have paid more than $500 million in tariffs since the MTB lapsed, and requests full retroactivity of tariff relief back to the December 31, 2020 lapse date. Passage of the MTB with full retroactivity would lead to more than $1.5 billion in tariff relief for 2021-2023. Congress is scheduled to take up trade legislation next month.
For more information on the MTB and other tariff relief, please contact Bill Sells, SVP Government Relations & Public Affairs, at [email protected].