Trade Encourages Allied Manufacturing and Security Act or the TEAMS Act
This bill directs the U.S. Trade Representative (USTR) to take certain actions to strengthen supply chains for critical goods. It also incentivizes the manufacturing of critical goods.
Specifically, the bill requires the USTR to develop and implement a strategy to support the resilience, diversity, security, and strength of supply chains. This strategy must be submitted to Congress and published on the USTR's website.
Additionally, the bill authorizes the USTR to provide duty-free treatment for any eligible article (i.e., any critical good that is the growth, product, or manufacture of a beneficiary country) from any ally or key international partner. This authority terminates on September 30, 2030.
The bill temporarily allows for increased expensing of the costs of certain qualified manufacturing property.
The bill also allows a new tax credit for American security products manufactured in the United States or in ally or key international partner countries.