April 25, 2024

Contact:
Genevieve Strand, MPP
Director, Government Relations
government.relations@socma.org

SOCMA Government Relations Update: Trade & Supply Chain

Last week, the House Ways and Means and Senate Finance Committees held hearings on “The Administration’s 2024 Trade Priorities”, where US Trade Representative Katherine Tai appeared as a witness to discuss the President’s stances on current and potential trade programs. Below are the takeaways and SOCMA advocacy on behalf of the specialty chemical industry on these issues.

  • Section 301 Tariffs and Exemption Process: Members of Congress and Senators from both parties voiced support for the 301 Tariffs as a crucial tool to leveling the playing field for domestic manufacturers, while many agreed that an exemptions process was needed.
    • SOCMA Advocacy: SOCMA sent a Letter for the Record to Leadership in both Chambers highlighting the importance of the 301 Tariffs in protecting SOCMA members’ intellectual properties in R&D processes, while emphasizing the need for a fair and transparent exclusion process. SOCMA also called for amending USMCA to include a duty-drawback program for 301 tariffs.

  • The Generalized System of Preferences (GSP) Program: Legislation to reinstate the GSP program (H.R. 7986) was debated and passed out of committee, in the longest proposed re-authorization in the 50-year history of the program.
    • SOCMA Advocacy: SOCMA commends the House Ways and Means Committee for the passing this important bill out of committee. Through successful advocacy and meetings with committee members, Members of Congress understood the harm of the lapse of the program to specialty chemical manufacturers.

  • The Miscellaneous Tariff Bill (MTB) Program: There were some discussions surrounding MTB in the House Committee hearing, and Ambassador Tai spoke strongly supported reauthorization of this lapsed programs.
    • SOCMA Advocacy: SOCMA will continue to educate Congress on the importance of MTB to specialty chemical manufacturers through our meetings with the House Ways and Means and Senate Finance Committees.

SOCMA is hopeful that there will be a trade package passed before the end of the year; we will continue to keep our members appraised of the current standing of these issues. If you have any comments or questions about 301, GSP, or MTB, reach out to Genevieve Strand, Director, Government Relations at government.relations@socma.org.

Visit our webpage on trade to access more SOCMA resources on these and other trade issues. SOCMA members are invited to join our Trade, Tax, and Supply Chain Committee for the latest updates.

 

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