The Miscellaneous Tariff Bill (MTB) is an annual piece of legislation that is passed by the US Congress to temporarily reduce or suspend tariffs on certain imported products and make technical corrections to US tariff laws. Since 1982, Congress has passed these bills, known as miscellaneous tariff bills (MTBs), to boost the competitiveness of U.S. manufacturers by lowering the cost of imported inputs without harming domestic firms that produce competing products.
What is an HTS Code?
The first hurdle that importers face when importing a new product is to answer the most basic question: what is it? Everything from apples to shoelaces needs to be classified by a number recognizable to the importing government. This number is of course, the Harmonized Tariff Schedule Code (HTS Code). Assigning an HTS code may seem like a simple step, but it is the most important considering the risks associated with getting it wrong.
If you have taken time to look at the preliminary 2012 Tariff that was recently posted to the USITC website, you may be wondering why many of the WCO changes are missing.