Yesterday, the House Ways & Means Trade Subcommittee announced it will hold a hearing next Wednesday (9/20) on “Reforming the Generalized System of Preferences to Safeguard U.S. Supply Chains and Combat China.” There is significant congressional interest in renewing and updating GSP before the end of the year, especially as it relat...
Continue readingOn July 12, 66 Members of the House of Representatives sent a letter to House Ways and Means Chairman Jason Smith (R-MO) and Ranking Member Richard Neal (D-MA) supporting efforts to renew the Generalized System of Preferences (GSP) as a way to “help facilitate supply chain shifts out of China.” GSP, which provides duty-free treatment...
Continue readingBased on an analysis of new U.S. Census Bureau data, American companies paid $2.6+ billion in new tariffs from January 2021 and April 2023 due to GSP expiration. Imports into 8 states have faced $100+ million in extra tariffs because Congress let GSP expire, and 22 more states have faced between $10 million and $60...
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