GSP trade pact set to expire
Seeking Alpha
Published Dec 25, 2017 03:21AM ET
GSP trade pact set to expire
- Congress last week failed to agree on renewing the Generalized System of Preferences, a 1970s trade pact that grants products from developing countries tariff-free access to the American market. The deal will officially expire on Dec. 31.
- "There's nothing developing about India or China any more - 600M people are in the middle class in India and that's probably three or four times the size of our middle class,” said Dan DiMicco, a trade adviser to President Trump.
- Products worth $19B were imported into the U.S. tariff-free under the GSP in 2016, with business groups saying importers saved more than $700M in duties.
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