The Office of the U.S. Trade Representative on July 6 announced the beginning of its annual review of product eligibility for the Generalized System of Preferences (here). USTR has listed nearly 100 products (here) that are set to be removed from GSP for certain countries because they exceeded competitive need limitations in 2014 on the amount that each country may export under GSP. Petitions from importers for waivers from expiration of GSP benefits are due by July 31.
CBP will publish a notice in July detailing Generalized System of Preferences (GSP) renewal and how importers can secure refunds, said the Office of the U.S. Trade Representative (USTR) (here). "Importers should be advised that duties collected may take up to 90 days after liquidation or reliquidation of entries to process and refund retroactively," USTR said. The House passed retroactive GSP renewal legislation on June 25, requiring CBP to reimburse importers for tariffs on all goods traded in the interim since GSP expired in 2013 and President Obama signed the GSP renewal into law on June 29 (see 1506290045).
President Barack Obama signed into law on June 29 the Trade Preferences Extension Act and the Bipartisan Congressional Trade Priorities and Accountability Act, the most recent version of Trade Promotion Authority. The preference package includes renewals for the Generalized System of Preferences, the African Growth and Opportunity Act, two Haiti tariff preference levels, Trade Adjustment Assistance and a host of new tariff changes (see 1504230001). Republican leadership in Congress praised the passage of TPA as a critical step in locking down the Trans-Pacific Partnership and other trade pacts. "This measure will strengthen the hand of U.S. negotiators, allowing them to secure the best deal for American workers while maintaining new, rigorous standards of transparency and accountability," said House Speaker John Boehner, R-Ohio, in a statement.
International Trade Today is providing readers with some of the top stories for June 22-26 in case they were missed.
The Office of the U.S. Trade Representative is readying to launch a review on competitive need limitations (CNLs) in the Generalized System of Preferences, said lobbyists with GSP expertise in recent interviews. The process will include a request for industry stakeholder input, expected in the coming weeks, the lobbyists said. President Barack Obama signed GSP renewal into law on June 29 and the retroactive renewal will take effect a month after that date. Congress put language in that legislation (here) to require USTR to conclude the CNL review by Oct. 1. Importers have 180 days after the date of enactment to submit filings retroactively for reliquidation.
President Barack Obama hailed recent Congressional action on trade legislation in remarks on June 25, following a critical House vote that capped months of intense Capitol Hill wrangling on trade. The House overwhelmingly supported the package, which includes renewals for the Generalized System of Preferences, the African Growth and Opportunity Act and Trade Adjustment Assistance. “This week's votes represent a much-needed win for hardworking American families,” said Obama. “I look forward to signing these bipartisan bills into law as soon as they reach my desk.” Many trade supporters expect the U.S. to now step up focus on closing Trans-Pacific Partnership talks. Obama didn’t mention the 12-nation pact directly, but said TPA will help the U.S. “write the rules of our global economy.” Lawmakers now are likely to head to conference over Customs Reauthorization, but that bill is now legislatively disconnected from TPA and the trade package.
Lawmakers introduced the following trade-related bills since International Trade Today's last legislative update:
The House overwhelmingly passed a trade preferences package that would renew the Generalized System of Preferences on June 25. The vote came just a day after the Senate passed a host of trade bills and resolutions, ending a months-long legislative battle over Trade Promotion Authority. President Barack Obama is now set to sign TPA and the preference package into law in the coming days and renew GSP, the African Growth and Opportunity Act, and two Haiti tariff preference level programs (see 1506120015). After his expected signature, importers would soon be able to file retroactive relief for duties incurred over the past two years of GSP expiration.
The Senate is poised pass standalone Trade Promotion Authority on June 24, and will continue to push forward on the trade preferences package in order to shoot that legislation over to the House by June 25, said Senate Majority Leader Mitch McConnell, R-Ky., in comments on the Senate floor on June 24. Senate leadership is likely to hold the TPA vote on June 24 at 5:30 p.m. unless lawmakers reach an agreement to do so earlier in the day, said staffers with Senate Majority Whip John Cornyn, R-Texas.
Sen. Sherrod Brown, D-Ohio, a Finance Committee member and one of the fiercest trade critics in the Senate, aims to support the trade preferences package in a vote expected this week, said a spokeswoman for Brown on June 22. The package now includes Trade Adjustment Assistance and a trade remedy bill, on top of renewals for the African Growth and Opportunity Act, the Generalized System of Preferences and two Haiti tariff preference level programs. Brown floated the trade remedy bill, named the Leveling the Playing Field Act, in April (see 1504080013). The legislation is designed to strengthen antidumping enforcement. "Senator Brown intends to support the trade preferences package with or without his Leveling the Playing Field act included," said the spokeswoman. "He’s always preferred putting assistance for American workers ahead of fast tracking trade deals that could cost jobs."