The U.S. House has approved a retroactive renewal of the Generalized System of Preferences. GSP, which allows for duty-free treatment of certain goods from developing countries, was allowed to expire by Congress on Dec. 31. Since GSP's expiration, it's estimated that U.S. importers pay as much as $2m a day in duties, according to the Coalition for GSP.
Nearly 130 countries and territories maintain GSP status with the United States. GSP applies to about 3,400 of the more than 10,500 products imported into the country. GSP-eligible products are mostly from manufacturers and semi-manufacturers of consumer electronics, machinery and parts, and selected agricultural and industrial goods.
The National Foreign Trade Council urged the Senate to take similar action to approve GSP as soon as possible.
Read Full Article
Timely, incisive articles delivered directly to your inbox.