GSP Expiration and Prospects for Renewal: What to Know and Do While Awaiting Congressional Action

Date & Time: Thursday, November 7, 2013 at 2:00-3:00 PM EST
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Sandler Trade LLC is continuing its webinar series with an insider’s view of the U.S. Generalized System of Preferences (GSP) program’s renewal process. After the GSP program expired on July 31st, 2013, thousands of U.S. businesses began paying an estimated $2 million a day in unexpected import taxes. As a result, U.S. businesses that rely on GSP imports for their manufacturing inputs are experiencing increased materials cost and a decline in their global competitiveness.

Abroad, developing country exporters, especially small businesses, are losing their hard-won U.S. market shares. These new duty assessments will continue until the Congress renews the program, at which point these taxes may — or may not — be refunded to U.S. importers; that is up to Congress. When GSP expired in 2011, it took Congress eleven months to pass renewal legislation. What are the prospects for speedier action this time around? What happens while we wait? The webinar will discuss the following topics:

  • Prospects for Congressional action on GSP renewal legislation.
  • Legislative vehicles for renewal.
  • What businesses can do to advocate for quicker renewal.
  • What importers should do to help ensure timely reimbursement if GSP is renewed retroactively.
  • Past GSP expirations and trader experiences.

This webinar was prepared by Sandler Trade LLC with the assistance of Ashley Amidon Manager, Government and Public Affairs, of the International Wood Products Association.

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