August 6, 2015

The Generalized System of Preferences (GSP), a unilateral U.S. preferential trade program recently renewed by Congress, offers substantial duty savings for U.S. importers of qualifying merchandise. The GSP is intended to aid developing countries in the growth of their economies by providing them with duty-free access to the U.S. market for certain products. It is a renewable program, which means that it periodically expires and must be reenacted by Congress—typically with retroactive effect. During the periods of time in which the GSP has expired, GSP claims are not accepted or processed by U.S. Customs Border Protection (CBP). However, once the program is renewed by Congress, CBP will begin to accept new claims as well as retroactively process claims covering entries made during the lapsed period.

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