GSP Update

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GSP Update

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09-Feb-18

GSP Update

WASHINGTON, D.C. — On Thursday, February 8, Ways and Means Chairman Kevin Brady (R-TX), Trade Subcommittee Chairman Dave Reichert (R-WA), Ways and Means Ranking Member Richard Neal (D-MA), and Trade Subcommittee Ranking Member Bill Pascrell (D-NJ) joined with Rep. Jackie Walorski (R-IN) to introduce H.R. 4979. This bipartisan legislation provides a three-year renewal of the Generalized System of Preferences (GSP) program, a longstanding U.S. trade preference program that delivers tariff relief and cost savings to American businesses, workers, and consumers across the country.

Background: The Generalized System of Preferences is the largest and oldest U.S. trade preference program. It provides duty-free access to imports on thousands of products from 121 designated beneficiary developing countries in a manner that does not hurt U.S. producers. The program’s last authorization expired on December 31, 2017. When enacted, the bill introduced today will extend the program through December 31, 2020, and retroactively extend benefits to covered imports that have been made since the program lapsed. The bill also makes technical changes to update the process for considering “competitive need limitations” under the program, consistent with H.R. 4068, introduced by Rep. Walorski. John S. Connor will continue to monitor and advise.