Retroactively Renew Tariffs Refund Program, CTA and Many Others Tell Congress
CTA, General Electric and nearly 400 companies and trade groups signed a Thursday letter to congressional leadership asking for a quick Generalized System of Preferences program renewal. "The sooner it happens," the sooner "tariffs paid already are refunded," they said…
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after Dec. 31 expiration of GSP, resulting in American employers now paying "over $2 million per day in new import taxes." The U.S. Trade Representative website says "GSP promotes economic development by eliminating duties on thousands of products when imported from one of 120 [of the world's poorest] designated beneficiary countries and territories."