The “American Jobs Creation Act of 2004,” signed by President Bush shortly before the election has significant benefits for NAFEM members and their customers.
Toward the second half of 2004, the International Trade Commission (ITC) will implement a review of “anti-dumping” duties on stainless steel implemented in 1999. Such a review occurs automatically five years after anti-dumping duties are implemented, and is intended to determine if changed circumstances warrant discontinuing the tariffs.
The announcement by President Bush in December to terminate the Section 201 Tariffs – which added 30 percent to the cost of steel for many steel-using manufacturers – was a major victory. At NAFEM’s request, stainless steel sheet and strip had been exempted from the Section 201 steel tariffs from the outset.
U.S. manufacturers of cooking and other food preparation equipment exported to Europe should be aware of plans by the European Union (EU) to pull retaliatory tariffs on a wide range of U.S. products, including some food preparation equipment, as early as March 1, 2004.
NAFEM Export Assistance Advisory Council Member Kurt Bahnmaier, FETCO Corp., attended a seminar covering a little known topic that could prove a tremendous tax benefit to many of you who export foodservice equipment and supplies: the Extraterritorial Income Exclusion (ETI). It’s a way to deduct the value if your foreign sales from your corporate tax returns, resulting in significant savings and perhaps even a refund from the IRS.
NAFEM is working aggressively with coalition partners to achieve a better balance between steel manufacturers and steel users in our international trade policies.
The Consumer-Industry Trade Action Committee (CITAC), of which NAFEM us a member, is campaigning to obtain relief from the recently imposed Section 201 tariffs on most carbon and some heavier than stainless sheet and strip were exempted (at NAFEM’s request)., NAFEM will be supporting CITAC’s effort.