Senate, House Trade Leaders Introduce Bill To Renew GSP
On April 16th 2015, Senate Finance Committee Chairman Orrin Hatch (R-UT) and Ranking Member Ron Wyden (D-OR) joined with House Ways and Means Chairman Paul Ryan (R-WI) and Ranking Member Sander Levin (D-MI) to introduce legislation for the renewal of GSP and other trade preference programs.
The legislation would reinstate the GSP program through December 31, 2017 and allow for duty refunds to eligible products imported while the program was suspended.
The GSP program reduces tariffs on imports from nearly 130 countries and expired on July 31, 2013. American companies have paid over $1 billion in import taxes since the program expired and nearly 700 American companies and associations have urged Congress to renew GSP retroactively.
“This legislation would provide great relief to American companies that depend on the GSP program” said Dan Anthony, Executive Director of the Coalition for GSP in a press release. “By refunding tariffs paid and extending the program through 2017, Congress would give companies the ability to make long-term sourcing decisions – to the benefit of both suppliers in developing countries and their workers at home.”
We will continue to keep the importing community updated as developments happen. For more information on this legislation, or about the GSP program in general, please contact Bill Carey via email or by calling 800-493-0444.