Last night, an “omnibus” spending bill was introduced that includes the GSP renewal language passed by the House in February.
If Congress passes the bill tomorrow – the goal since government funding runs out at 12:01AM Saturday – GSP benefits would go back into effect on April 22. The bill would extend GSP through December 31, 2020 and refund tariffs paid during the lapse.
GSP renewal and refunds will help small businesses like Lakland Guitars, a small business in Chicago, Illinois that imports musical instruments and components for guitar manufacturing from Indonesia and then exports products around the world. The $4,500 in extra tariffs paid due to GSP expiration has prevented even cost of living raises for its employees, and renewal will help avoid price increases that could negatively impact sales.