(CNN) - President Barack Obama on Wednesday signed into law an act that reduces or suspends tariffs paid by American companies on certain imports needed to manufacture their products.
The Manufacturing Enhancement Act easily passed both chambers of Congress earlier this year.
At the White House signing ceremony, Obama thanked Democrats and Republicans for working together on the measure and called for similar bipartisan support for an additional $5 billion in clean-energy tax credits.
"Don't let politics get in the way of doing what's right for our economy and for our future," said Obama, who was joined by Commerce Secretary Gary Locke and U.S. Trade Representative Ronald Kirk at the ceremony.
American manufacturing was badly hurt by the economic recession, but had been in decline before then, Obama noted.
"Our economy has fallen into the habit of buying from overseas," he said, noting a 33 percent drop in the U.S. manufacturing workforce in recent decades."It is vitally important that we reverse that trend."
Steps like the bill he signed Wednesday will help U.S. companies build competitive products for sale in foreign markets and allow the nation to meet his inauguration goal of doubling exports within five years, Obama said.
"When the playing field is even, American workers can compete with anybody," he added.
C'mon GOP, what is the bad spin you will put on this?
Anyone who thinks this president is not doing his job is either rich or a racist. He has done everything he can to help poor and middle class.
We need to help him and VOTE. It does not cost anything. It will help you and the president.
Way to go Mr. President!!! YOU ARE THE BEST OF THE BEST keep on serving the American people!!
How are the rightwing going to spin this into a bad thing......they'll find a way.
Let's hope the same greedy CEO's (mine included, by the way) that did not hesitate one millisecond before shipping American jobs overseas for cheap labor rates, realize that the reason the tariff is being suspended is to ramp up production. Increase in production hopefully will translate into more jobs to keep up with said production. I am confident that the demand side of the equation has been taken into consideration.
Yea, this from a guy who is against business'. Another thing he has accomplished. Of course, he will get no credit.
Finally, we're seeing some light at the end of the tunnel. Thank you, this makes a huge difference in our businesses, unfortunately, some necessary products you can't get here in the U.S.
When the things the Democrats in Congress and The Administration put forward make so much sense like removing tariffs here, they will find that the Republicans are absolutely the party of Yes.
This measure is in essence a tax CUT for businesses. However, because this could decrease the demand for American made parts (which was low to begin with and the reason Obama signed this measure), the GOP morons are gonna say Obama's killing American jobs and giving our country to them terrorists that make them parts for them things. No pleasing the Rightwing Nutjobs these days...
People's ignorance does not cease to amaze me. How can they blame the world's problems on President Obama, including now Mexico's drug cartels? I guess President Obama is also responsible for global warming.
Do people not remember that Bush (both of them) created many of the worldwide challenges we face today? I live in San Antonio, Texas; therefore, I am well acquainted with both Bush’s policies, many of which remain implemented (remember GW’s incomplete fence that was/is being built along the US-Mexico border?). To this end, what exactly does "secure the border" really mean? I've yet to hear a detailed explanation of what it means and how it is to be achieved, realistically. I grew up visiting my family along the US-Mexico border; consequently, I am familiar with the area & the challenges it poses.
Simply said, it is disrespectful for anyone to say that a US President is “the worst President in history,” regardless of a person’s political affiliation. Instead of being juvenile and complaining and whining, we all should be doing our part to make this world a better place.
According to the Republicans, Pres. Obama is anti-business. Hmm....
More proof that President Obama is a socialist! LOL
O the president
The root problems for the U.S. economy:
1. The Bush tax cuts created a structural and enormous tax revenue deficit in trillions of dollars. These tax cuts should never be renewed. Not renewing them will substantially reduce the federal deficit to a normal level. The Republicans’ argument that tax cuts increase tax revenue has been proven false after 8 years of Republican control.
2. The enormous job outflow has been caused by our government’s lack of courage to demand that businesses "create work where products and services are sold,” as is currently demanded by European and Asian countries. For example, China, Switzerland, Canada, Japan and many others require that information on accounts and transactions pertaining to their citizens be processed within their own borders for Privacy or National Security requirements. These laws and regulations force companies to set up offices and facilities within their borders to do the services or sell the products. We can do exactly the same thing – no more, no less- to ensure that jobs will remain in this country. Otherwise, job retraining and enhancements to our education system will not produce the desired results in terms of increasing employment.
Great! Now he should do something about all of those customer service and technical assistance jobs in Asia, Central and South America. Set a tariff so high that the American Corporations will have to bring those millions of jobs back to America. I guess we could boycott any company that ships their jobs out of the country. That would not be hard to identify. All you would have to do is call their billing or help desk.
Norma, get a life!
Green Energy is the one thing that maybe can help save the American manufacturing industry. Just as long as we don't import ANY parts from China or other sweat shop nations. What good are wind generators and solar panels if we have to depend on some other nation for all the parts?Virtually all energy efficient light bulbs are made in China and contain mercury. Not smart.
to Dominican mama 4 Obama: what you wrote will be true as long as they don't hit us with more taxes which will happen if Obama takes away the Bush Tax Cuts. we businesses are waiting on his decision
you wrote: "realize that the reason the tariff is being suspended is to ramp up production. Increase in production hopefully will translate into more jobs to keep up with said production."
Great job President Obama. You know what this country needs and it is to bring manufacturing jobs back to America.
I am so sick and tired of paying ridiculous prices for crappy quality products made in Vietnam, China, and Indonesia. I would gladly pay more for AMERICAN MADE because it will be made well and be benefiting our nation's economy.
So what negative, hateful comments are Republicans try to spin on this smart move?
They are useless to America's recovery and we need to get these destroyers out of office, They have done NOTHING and will do NOTHING for the People. They hate American workers and bow only to the greedy corporate masters who abuse workers. They only support tax cuts for the rich who are in need of nothing while wanting to get rid of Social Security and Medicare.
Thank you President Obama- great job to help America make things again!
to Victim of GOP Taliban: No, you're wrong in thinking that "Green Energy is the one thing that maybe can help save the American manufacturing industry". Manufacturing industry has had a downfall because of the numerous insurance policies you are required to carry, numerous taxes you pay to the state, city, municipality, county, IRS plus numerous permits which are not cheap plus safety materials you have to comply with which is expensive. Manufacturing is an expensive industry. These requirements won't change with Green Industry.
to BeverlyNC: I hope they don't get rid of our Bush Tax Cuts or we'll have to cut expenses and that usually starts with jobs.
Marcus August 11th, 2010 3:34 pm ET
Orlando Patriot and Darko –
Before anything, read the story. It says that the funds are already available, so no 'where is the money coming from?' lines, ok?
No 'I am a economics teacher so I know more about that than you' either, all your indulgent comments of yesterday can be debunked with a quick check on independent watchdog orhanizations sites, so they don't hold water or have any weight of interest.
All your 'facts' have been debunked by the CBO and other NON-partisans organization. I know you don't believe in me but it so easy to check if they were or not, so do it before you make a fool of yourselves.
Stop parroting FAUX NEWS and GOP's lines, think for yourselves for a while.
You have any serious thing against this law?
After trying to read this, if you are an economics teacher I would say that the children under your care are in some serious trouble, perhaps a grammar course would help both you and your students. The problem with the law is that once again, those that have been responsible in their savings and expenditures are paying for those that have not, some at no fault of their own. I personally lost my job two years ago, after 5 years of college and 4 years of professional tenure, I cannot buy a job yet I am still strong financially through conservative spending habits and responsible personal money management. This tax money would have been better spent to actually create commerce, the mother of Job creation...then people would have an opportunity to work and earn their mortgage payments. This is just more of the same, a downsized version of what got us here in the first place, loans to people that wont be able to pay up, not to worry though 2010 and 2012 will undoubtedly put an end to this bankrupt America plan.
What? We still make stuff? I thought the only things we produce any more were shady financial products and bad pop music. Just kidding. Buy American whenever possible. The job you save may be your own. Have a nice day!
Augsbee August 11th, 2010 4:53 pm ET
"to Victim of GOP Taliban: No, you're wrong in thinking that "Green Energy is the one thing that maybe can help save the American manufacturing industry". Manufacturing industry has had a downfall because of the numerous insurance policies you are required to carry, numerous taxes you pay to the state, city, municipality, county, IRS plus numerous permits which are not cheap plus safety materials you have to comply with which is expensive. Manufacturing is an expensive industry. These requirements won't change with Green Industry."
Hahaha. What a hoot! Do you think the downfall of American manufacturing might have had something to do with capital seeking the cheapest labor? You're right, though, about wanting to dodge those pesky socialistic environmental and safety regulations. Have a nice day!