The Generalized System of Preferences (GSP) and the Miscellaneous Tariff Bill (MTB) are scheduled to expire at the end of this year. Neither trade provision is earmarked for legislative review before the year’s end.
When GSP expired in the past, it was made effective retroactively after its renewal. Additionally, US Customs and Border Protection automatically refunded GSP duties for those entry summaries marked with the special indicator (SPI) “A” preceding the tariff number during the lapse period. Those filed without the SPI required importers to submit post summary corrections or protests.
Beginning January 1st, many Section 301 tariff exclusions on Chinese goods will also expire. There has been no clear direction from Congress on the extension of the exclusions, retroactively or otherwise.
Deringer will continue to provide information on the renewals of GSP, MTB, and Section 301 exclusion extensions.