On March 6, 2024 Senators Bill Cassidy (LA), Michael Bennet (CO), Adriano Espaillat (NY), and Maria Elvira Salazar (FL) introduced the Americas Trade and Investment Act with the endorsement and co-sponsorship from Congressman Mike Gallagher, Wisconsin Representative and the Chairman of the House Select China Committee Chairman. The proposed bipartisan legislation aims to minimize U.S. dependence on Chinese manufacturing specifically through tax incentives, loans, and grants for businesses looking to re-shore and near-shore their manufacturing and distribution activities.
The proposed legislation is based on five pillars:
(1) The Americas Partnership;
(2) E-Governance;
(3) Trade;
(4) Investment; and
(5) People-to-People.
Each pillar provides opportunity to enact change in areas such as domestic circular businesses and textile manufacturing; reshoring and nearshoring efforts by U.S. businesses; reducing exposure to forced labor in Xinjiang; and closing the glaring de minimis loophole that currently impacts the Foreign Trade Zone program.
This landmark bill will be referred to the Senate Finance Committee following its public announcement. Though it faces a long legislative road ahead before becoming law, MITA, along with the rest of the international trade community, will be closely monitoring its progress and the possible impacts it could bring to U.S. businesses.
Find more information on this proposed legislation here:
https://salazar.house.gov/media/press-releases/landmark-americas-act-introduced-salazar-espaillat-cassidy-and-bennetchrome-extension://efaidnbmnnnibpcajpcglclefindmkaj/https://www.cassidy.senate.gov/wp-content/uploads/media/doc/Americas%20Act%201.6.2023.pdf
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MITA is a Madison, Wisconsin-based organization with the simple goal to connect and provide global know-how and resources to its members. MITA provides international trade information to the organizations and individuals looking to expand their international reach. From trade agreements to export documentation to economic trends and prevailing world issues, MITA keeps its members “in the know.”
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