Hundreds of Companies Ask Congress to Retroactively Renew GSP
Nearly 400 companies and trade groups signed a Jan. 4 letter to congressional leadership asking for a quick renewal of the Generalized System of Preferences (GSP) program. "A retroactive GSP renewal fits squarely on a Congressional agenda to pass legislation that benefits American families, workers, and companies," the group said in the letter. "The sooner it happens and tariffs paid already are refunded, the sooner we return our focus to making competitive American products, providing consumers with goods at affordable prices, and growing the U.S. economy."
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Following the Dec. 31 expiration of GSP (see 1712210029), "American employers must now pay over $2 million per day in new import taxes, which has an immediate and negative impact on their ability to invest in our companies and workers," the group said. Associations that signed the letter include the Customs Brokers and Forwarders Association of Northern California, the American Association of Exporters and Importers and the International Wood Products Association. CBP recently provided instructions for GSP filers following expiration (see 1712200005).