Good morning, just a quick update on GSP. On February 8th H.R. 4979 was introduced to the House of Representatives – this bill includes the renewal of GSP for a period of 3 years. Yesterday the bill passed the House with overwhelming support (400-2). It is good to see the people who drafted the bill realize how important it is to extend it more than 1 year as we have done in the past. It is unfortunate that the expiration of this bill is costing Americans many millions of dollars while the wheels of the government slowly turn.
Now the bill will go to the President for signature. It is expected to be signed without a problem. This bill does provide for retroactive renewal of GSP so if the bill survives “as is” then you can expect refunds for duties paid since GSP expired as long as your entries include the “~A” next to the eligible tariff numbers.