Pryor, Berry Lift Burdensome Tariffs for Arkansas Business
Senator Mark Pryor and Congressman Marion Berry (AR-02) today announced that the House of Representatives and Senate recently passed tariff reductions that will specifically benefit two Arkansas businesses. The provisions were passed as part of pension legislation, which President Bush is expected to sign into law.
Pryor and Berry said their efforts to eliminate a 4.5% tariff on LCD display panels will help reduce production costs for Sanyo in Forrest City, AR. Sanyo is trying to compete globally in manufacturing new high definition televisions, but the tariff creates an additional production cost. Berry and Pryor said the tariff is unnecessary because LCD display panels are not manufactured in the United States. Sanyo employs 650 people in the area.
"Sanyo and Forrest City have a win-win relationship. Sanyo provides good jobs and new opportunities for hundreds of families in St. Francis County. In return, they are able to employ some of the best workers in the world to produce high quality workmanship." said Pryor. "Eliminating this tariff will help keep Sanyo profitable and competitive, and prevent these jobs from heading overseas."
"These tariffs are simply outdated and hurt local businesses," Congressman Berry said. "Companies like SANYO and Eastman provide jobs and significant economic support for our region. I am pleased my colleagues in Congress voted to repeal these burdensome tariffs and provide relief for Arkansas' businesses."
Pryor said the bill also eliminates a tariff on Crotonaldehyde, which is used in manufacturing herbicides by Eastman Chemical Corporation in Batesville, AR. Pryor sought to eliminate the tariff because Crotonaldehyde is not available domestically, forcing Eastman Chemical Corporation to pay taxes on importing the chemical from producers in Japan and Germany. Eastman employs approximately 500 people in the area.
"This tariff is an unnecessary obstacle that impedes a great American business," Pryor said. "I'm pleased Congress passed this measure that ultimately strengthens Eastman and the local community."