TGA-Supported GSP Renewal Signed into Law
On March 23, President Donald J. Trump signed into law the omnibus budget bill. Besides funding the government before it ran out of money, the legislation also renewed the Generalized System of Preferences (GSP) program (See Title 5, Page 1762). TGA lobbied hard for GSP renewal over the last 9 months.
As a result, GSP will go back into effect on April 22, 2018. The legislation will retroactively renew GSP back to when it expired, January 1, 2018, through December 31, 2020.
That means companies that have been designating GSP for their import shipments will be eligible to receive duty refunds from U.S. Customs and Border Protection (CBP) for the period between January 1, 2018 and April 22, 2018. As noted previously, CBP has provided detailed guidance for marking your shipments so that you are eligible for duty refunds.
Under GSP, U.S. imports of travel goods from most developing countries, including Thailand, Cambodia, the Philippines, India, Brazil, and Sri Lanka, can enter the United States duty-free under flexible rules. Over a five-year period ending in 2017, TGA successfully fought for the addition of travel goods to the GSP program.
Please contact Nate Herman, TGA’s Director of Government Relations, with any questions, 202-853-9351, firstname.lastname@example.org.