At yesterday’s House Ways and Means Trade Subcommittee hearing on Caribbean Basin preferences (i.e., CBTPA), several Members used the opportunity to support swift GSP renewal as well. CBTPA expires on September 30.
In his opening statement, Ranking Member Vern Buchanan (R-FL) cited Coalition for GSP data, saying “Americans saved more than a billion dollars of their hard-earned money, including almost forty million dollars in my home state of Florida, thanks to GSP.”
Buchanan also argued that the expiration dates for CBTPA (9/30) and GSP (12/31) are “effectively the same” due to “our recess at the end of this month for the election and the uncertainties of the lame duck session.” He added that “Renewing GSP now would reduce uncertainty and support jobs at American companies that rely on the program, many of which are small businesses.”
You can read Buchanan’s full opening statement here or watch the clip on GSP here:
Representative George Holding (R-NC) echoed Buchanan’s comments about the need to renew GSP quickly, noting the $24 million that GSP saved for North Carolina companies in 2019.
Also yesterday, Buchanan and House Ways and Means Committee Ranking Member Kevin Brady (R-TX) sent a letter outlining support for renewing GSP and CBTPA together. The letter stated (emphasis added): “A lapse of either program would be costly for U.S. manufacturers and would diminish American leadership in international development. In order to minimize uncertainty for U.S. companies and their partners in developing countries at this particularly vulnerable time, both programs should be renewed together.“
Like GSP, CBTPA enjoys broad, bipartisan support.