Washington D.C. – The National Foreign Trade Council (NFTC) today joined 13 leading industry associations calling on Congress to remove the Import Security and Fairness Act from the America Competes Act of 2022.
The Import Security and Fairness Act, which would restrict the use of de minimis, would “impose sweeping costs on American businesses, workers and consumers, add new inflationary pressures on the U.S. economy, and exacerbate ongoing supply chain disruptions at U.S. ports.”
“Restrictions on the use of de minimis would significantly raise costs, imposing a de facto tax on low-income Americans. As we continue to recover from the pandemic and the recent economic challenges posed by the Omicron variant, as well as navigate a period of accelerating inflation not seen since 2001, restrictions on the use of de minimis would be the wrong policy at the wrong time, as the increased tariffs would be passed on directly to consumers and immediately worsen the inflation rate.”
To read the full letter, click here.
About the NFTC
Serving America’s Global Businesses Since 1914 – The National Foreign Trade Council (www.nftc.org) is a leading business organization advocating an open, rules- based global trading system. Founded in 1914 by a broad-based group of American companies, the NFTC now serves 100 member companies through its office in Washington D.C