The U.S. House of Representatives passed Generalized System of Preferences (GSP) renewal legislation under an expedited floor procedure on Tuesday
Bill, H.R. 4979,now needs to be approved by the Senate to reauthorize the program. GSP expired at the end of 2017.
Last week, (February 8th) H.R.4979 was introduced and then referred to the House Committee on Ways and Means. To what is likely the delight of many importers, this Bill states as its purpose:
to extend the Generalized System of Preferences and to make technical changes to the competitive need limitations provision of the program.
Rumor has it that it is set for a vote any minute now – if passed, the Generalized System of Preferences (GSP) will be renewed for three years (until December 31, 2020), retroactively applying the tariff cuts to duties collected since the GSP lapsed December 31, 2017.
We will keep you advised on developments.