Tonight, the House passed legislation (H.R. 4979) to renew GSP by an overwhelming margin of 400-2. Details of the bill are available here. Dan Anthony, Executive Director of the Coalition for GSP, said the following on passage of H.R. 4979 by a vote of 400-2:
“The Coalition for GSP applauds today’s overwhelming passage of legislation to renew the Generalized System of Preferences (GSP) program. The final vote confirmed what we already knew: GSP has broad, bipartisan support and would pass easily once given a vote. We look forward to working with Members of the Senate to pass legislation reinstating GSP benefits as quickly as possible. Each day of delay means millions of dollars more in tariff payments by American companies, with negative consequences for U.S. companies, workers, and consumers.”
GSP renewal legislation now must pass the Senate before benefits can be reinstated. Until then, companies will continue to pay up to $3 million a day in unnecessary tariffs.