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Pro-GSP group: Preference program lapse cost at least $1.7 billion in tariffs

August 8, 2022 at 4:02 PM
The lapse of the Generalized System of Preferences program has cost U.S. businesses at least an additional $1.7 billion in tariffs, a group advocating for renewing the program found in a recent analysis, arguing that Congress “is leaving a lot on the table” by not moving forward to reinstate GSP. GSP is a preference program that allows companies to import certain products duty-free from beneficiary countries, largely lower income and developing ones. The program applied to thousands of products; it...

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