This just in! It appears that agreement was reached earlier today between the key Members of Congress to allow renewal of the Generalized System of Preferences for a two-year period. The renewal would include the opportunity for those U.S. importers that paid duties while GSP was not in operation to get their monies refunded.
Other aspects of the agreement include renewal of Trade Adjustment Assstance (to workers whose jobs have been disrupted as a result of trade), renewal of the Andean Trade Preferences program, and approval of free trade agreements between the United States and Colombia, Korea, and Panama.
This agreement removes a major obstacle. Yet to occur, however, are introduction of the pertinent legislation, Committee hearings, House and Senate debate and votes, and Presidential signature of the approved bills. Hopes are that these subsequent steps will occur before Congress recesses on August 7/8.
As the news expands, we will provide more updates.