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US House Approves Generalized System Of Preferences Bill

by Mike Godfrey, Tax-News.com, Washington

14 February 2018


On February 13, 2018, the US House of Representatives voted 400-2 to pass a bipartisan bill to renew the Generalized System of Preferences (GSP).

The GSP is the largest and oldest trade preference program in the US, which eliminates duties on a wide range of products from 120 designated countries and territories. The program, which last expired on December 31, 2017, will be extended through to December 31, 2020, with retroactive benefits for imports that have been made since the program lapsed.

"Today's overwhelmingly bipartisan vote is a win for our businesses, consumers, and communities," said House Ways and Means Committee Chairman Kevin Brady (R-TX). "The GSP program reduces tariffs – which are essentially taxes – on thousands of products from around the world. Not only does this allow Americans to save money on products they use every day, it increases the competitiveness of American businesses and workers."

TAGS: tax | business | tariffs | United States | trade

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