Tariff Increases Loom as Prospects for GSP Renewal Remain Uncertain

The Generalized System of Preferences, which provides duty-free treatment for imports of thousands of products from more than 100 developing nations, is set to expire Dec. 31. If not renewed before then, subject goods will be subject to U.S. tariffs beginning Jan. 1, 2021 (source: Sandler, Travis and Rosenberg).