On December 31, 2017, the Generalized System of Preferences (GSP) expired. GSP is a program that eliminates tariffs on thousands of products from around the world. Congress, caught up in high-profile fights on health care and taxes, failed to pass routine reauthorization legislation. A lapse in GSP could cause serious harm to U.S. businesses that use products imported through GSP. Past lapses in the program have cost domestic companies as much as $1 billion in extra import taxes, resulting in decreased employment, investment, and wages.
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