The Manufacturing Enhancement Act of 2010 eliminates some of the tariffs manufacturers pay on imported materials used in production. The tariff reduction is expected to significantly lower costs for American manufacturing companies, giving a boost to those they employ.
Before signing the bill, Obama took a minute to speak about the progress made in the manufacturing job sector and his commitment to the sector.
In 2010, 183,000 manufacturing jobs were created, signifying the strongest growth in the industry in more than a decade
Obama noted that recovering from the recession has been no easy feat, and the task is far from over.
Even before the recession hit, the industry was on the decline as 3,864,000 manufacturing were lost between 2000 and 2008.
Age-old concerns about the US manufacturing sector hinge upon America's lack of domestic manufacturing and importing goods from other countries.
Addressing these concerns, the president touched on his National Export Initiative, which aims to double exports and create several million new jobs within five years, and strengthen domestic manufacturing.
"We will rebuild this economy stronger than before and at its heart will be three powerful words: Made in America," the president said at a speech at the White House.
“That’s why we fought for and passed tax breaks for companies that are investing here in the United States rather than companies that are keeping profits offshore," he said. "That’s why we closed loopholes that encourage corporations to ship American jobs overseas.”
The tariff reduction through the The Manufacturing Enhancement Act of 2010 is touted to boost output, support manufacturing jobs in America, and cut prices that American consumers pay for goods made in America.