By SEMA Washington, D.C., Staff
SEMA, along with many other trade groups and organizations, has submitted comments to the International Trade Commission (ITC) as it evaluates the impact of Section 232 and Section 301 tariffs on the U.S. economy. The comments laid out how both the steel and aluminum tariffs and tariffs on imports of Chinese goods have negatively impacted SEMA-member businesses. The tariffs were imposed with little advanced notice, have contributed to uncertainty and chaos in the free economic marketplace and have forced companies in the specialty-equipment market industry to absorb the tariff cost or pass it along to their customers. SEMA supports the swift removal of both the Section 232 and 301 tariffs.
The U.S. Congress directed the ITC to conduct the investigation and issue a report by March 2023 on the impact of the tariffs on U.S. industries. In related news, the Office of the U.S. Trade Representative (USTR) has begun a formal review process of the Section 301 tariffs on goods imported from China that could lead to the continuation, modification or end to the tariffs. At this time, the review is for only the List 1 and List 2 tariffs, but a review for Lists 3 and 4a will be announced later this year. The review is required when tariffs reach their four-year anniversary.
For more information, contact Caroline Fletcher at carolinef@sema.org.