Economy
Senate to Vote on Customs Bill Thursday
Written by Brett Linton
February 9, 2016
The long awaited customs bill is headed to the Senate for approval on Thursday, Feb. 11. If Senate approves the conference report of the Trade Facilitation and Trade Enforcement Act (H.R. 644) it will move on to the White House for the President’s signature.
The bill is designed, among other things, to streamline the flow of legitimate trade and to enforce U.S. trade agreements, U.S. intellectual property rights and antidumping and countervailing duty laws, as well as combating currency manipulation. The Act will help prevent competitors from gaining an unfair advantage in the U.S. market.
The American Institute for International Steel has given its support to bill. In an email to AIIS members, the Institute wrote:
“Among the key Customs and other improvements contained in this bipartisan legislation are provisions to modernize Customs and Boarder Protection’s (CPB) automated systems, and to make further progress toward the development of a “single window”, so that cross-border traders can fulfill all U.S. Government import and export requirements through a single contact point, or window. These improvements will result in real costs savings that will help make the United States more internationally competitive. By facilitating trade, especially trade through our ports, these provisions will also help secure port-related jobs and wages.”
AIIS has requested steel industry members to contact their Senators and urge them to vote for the conference report of the Trade Facilitation and Trade Enforcement act.
A summary of the Customs Bill can be read here.
Brett Linton
Read more from Brett LintonLatest in Economy
Metalformers expect steady conditions in coming months
Metalformers expect economic activity to stabilize over the next three months, according to the recently released July Business Conditions Report from the Precision Metalforming Association (PMA).
Architecture Billings Index rises from 4-year low in June
The Architecture Billings Index (ABI) ticked up in June following May’s four-year low, according to the American Institute of Architects (AIA) and Deltek. While the index improved this month, it continues to indicate weak business conditions among architecture firms.
Beige Book: Uncertainty to continue fueling slower economic growth
Growth in the US economy continues to be constrained. The Federal Reserve’s Beige Book report for July shows more areas reporting flat or declining economic activity than in its previous report at the end of May.
AISI, AISC, University of Massachusetts get ~$6.4M EPA grant
The American Iron and Steel Institute (AISI), American Institute of Steel Construction (AISC), and the University of Massachusetts at Amherst have received a grant to enhance emissions reporting for steel construction projects.
Manufacturing activity in New York state continues to soften
New York state saw a continued decline in manufacturing activity in July, according to the latest Empire State Manufacturing Survey from the Federal Reserve Bank of New York.