THE U.S. GENERALIZED SYSTEM OF PREFERENCES (GSP) IS RENEWED
June 29, 2015. U.S. President Barack Obama signed the renewal of the Generalized System of Preferences (GSP) program. The GSP program is the U.S.’s oldest trade preference program, instituted in 1974 and providing preferential duty-free entry into the U.S. for almost 5,000 products from 122 beneficiary countries. The GSP program allowed U.S. businesses to import many necessary goods and materials, both for resale as well as for incorporation into the manufacture of other products. The GSP program last expired in July 2013 and imports of the same products from beneficiary countries since that time have been subject to normal U.S. import duties

With the President’s signature for the renewal of GSP complete, import duties for eligible products from eligible beneficiary countries will once again receive special tariff/duty treatment helping U.S. importers, consumers and developing supplier countries around the world.

For more information please see the original announcement at The White House’s official website

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