ABSTRACT

Generalized System of Preferences (GSP): Overview and Issues for Congress [Updated November 7, 2019]   [open pdf - 1MB]

From the Document: "The U.S. Generalized System of Preferences (GSP) program provides nonreciprocal, duty-free tariff treatment to certain products imported from designated beneficiary developing countries (BDCs). The United States, the European Union, and other developed countries have implemented similar programs since the 1970s. Congress first authorized the U.S. program in Title V of the Trade Act of 1974, and most recently extended the GSP program in Division M, Title V of the Consolidated Appropriations Act, 2018 (P.L. 115-141). This act extended the GSP program until December 31, 2020, as well as retroactively renewing it for the time period between December 31, 2017 (the previous expiration date) and April 22, 2018. Currently, 120 developing countries and territories are GSP beneficiary developing countries (BDCs). The program provides duty-free entry into the United States for over 3,500 products (based on 8-digit U.S. Harmonized Tariff Schedule tariff lines) from BDCs, and duty-free status to an additional 1,500 products from 44 GSP beneficiaries additionally designated as least developed beneficiary developing countries (LDBDCs). In 2018, products valued at about $23.8 billion (imports for consumption) entered the United States duty-free under the program, out of $238.4 billion worth of total imports from GSP-eligible countries. Total U.S. imports from all countries amounted to about $2.6 trillion in 2018."

Report Number:
CRS Report for Congress, RL33663
Publisher:
Date:
2019-11-07
Series:
Copyright:
Public Domain
Retrieved From:
Congressional Research Service: https://crsreports.congress.gov/
Format:
pdf
Media Type:
application/pdf
URL:
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