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Obama signs bill to boost manufacturing

08-12-2010 08:53 BJT Special Report:2010 US Midterm Elections |

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US President Barack Obama signed a bill into law to boost domestic manufacturers. The bill will suspend import duties on a variety of raw materials.

The bill, formally known as the Manufacturing Enhancement Act of 2010, was approved by Congress last month. It is expected to save companies 300 million dollars over the next three years in tariff payments to the Treasury.

It is estimated the measure would boost US manufacturing output by 4.6 billion dollars and support up to 90,000 jobs.

Since the beginning of this year, the manufacturing sector added 183,000 jobs -- the strongest seven months of manufacturing job growth in more than a decade.

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