United States GSP program expires on Dec 31
The United States’ Generalized System of Preferences (GSP) program expires on December 31, 2017. The United States Congress did not re-authorize GSP before adjourning for the year. The immediate effect of GSP expiration is GSP eligible imports to the United States from Sri Lanka and other GSP beneficiary countries and territories will be subject to non-preferential duties beginning January 1, 2018.
The United States is proud to serve as the top export market for Sri Lanka. According to the Global Trade Atlas, in 2016, the United States imported $2.8 billion of Sri Lankan goods.
U.S. Customs and Border Protection’s web site has a page dedicated to GSP program information with detailed information on importation procedures during a program lapse.
(Embassy of the United States of America)
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Well, this is not only for Sri Lanka. Some folks already commenting this is a retaliation from for poking fingers at Jerusalem issue!
This GSP applies to 120 countries.
The non-renewal applies to all countries and hence, exports to the US from all countries will be subject to taxes and duties.
The 120 countries continue to remain in a level playing field.
The nett effect of this non-renewal is an increase in cost to the consumer for goods received from the 120 countries.
In fact, the GSP is a subsidy given by the Govt for imported goods. No wonder the cost conscious Congress failed to renew the GSP.