Generalized System of Preferences Reform: New Trade Rules and Duties
This act extends the trade preference program, allowing duty-free import of certain goods from developing countries, until the end of 2030. It introduces new criteria for beneficiary countries, including human rights, environmental protection, and relations with other nations. These changes may affect the availability and prices of imported products, as well as trade conditions for American businesses.
Key points
Duty-Free Import Extension: The trade preference program, which reduces tariffs on certain products from developing countries, will be active until December 31, 2030.
New Rules for Partner Countries: Countries benefiting from the program will be assessed on human rights, environmental protection, agricultural and digital policies, and relations with countries deemed a threat to the U.S.
Changes to Rules of Origin: The required percentage of a product's value originating from the beneficiary country will gradually increase, potentially affecting which products qualify for duty-free import.
Potential Duty Refunds: Companies that paid duties on products covered by the program after 2020 may apply for refunds if they meet the new criteria.
Increased Transparency and Oversight: Annual assessments of countries' compliance with program requirements and public consultations on changes to country and product status have been introduced.
Expired
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