RETRO GSP Act

Bill: 118-hr-7555
Sponsor: full_name: Rep. Wasserman Schultz, Debbie [D-FL-25]
Introduced: 2024-03-05
Policy area: Foreign Trade and International Finance
Latest action: action_date: 2024-12-17
text: Referred to the Subcommittee on Trade.

Summaries:

tv_txt: I 118th CONGRESS 2d Session H. R. 7555 IN THE HOUSE OF REPRESENTATIVES March 5, 2024 Ms. Wasserman Schultz (for herself, Mr. Diaz-Balart , Ms. Wilson of Florida , Mr. Rutherford , Mrs. Cherfilus-McCormick , and Ms. Salazar ) introduced the following bill; which was referred to the Committee on Ways and Means A BILL To extend the Generalized System of Preferences program.

1. Short title This Act may be cited as the Repayment of Extra Tariffs with Renewal Of GSP Act or the RETRO GSP Act . 2. Findings and sense of Congress (a) Findings Congress makes the following findings: (1) The Generalized System of Preferences (“GSP”) program has been a cornerstone of United States trade policy for half a century and has played a pivotal role in fostering economic growth and development in low- and middle-income countries while benefiting American consumers, businesses, and workers. (2) The GSP program serves the economic, strategic, security, and foreign policy interests and objectives of the United States, including the United States’ strategic competition with the People’s Republic of China, by incentivizing increased trade, promoting global standards of living, and strengthening our economic engagement with developing economies. (3) The extended lapse in congressional authorization for the GSP program, from December 31, 2020 to the date of enactment of this Act, has undermined these interests and objectives, resulted in significant financial strain on American companies, and contributed to higher prices for American consumers. (4) Over $3,000,000,000 in estimated tariffs have been paid in tariffs by American businesses since the expiration of the GSP program, halting business expansion, hindering job creation, and preventing crucial investments in operations and infrastructure. (5) Delays and uncertainty surrounding the future of the GSP program have inhibited strategic planning for companies interested in reconfiguring their supply chains to align their investments with principles of near-shoring and friend-shoring, compounding the challenge posed by billions of dollars in additional tariffs. (6) Congress has historically provided for full retroactive repayment of tariffs imposed on American companies as a result of lapses in authorization for the GSP program when renewing or extending the program. (b) Sense of Congress It is the sense of Congress that the renewal of the GSP program should be accompanied by the retroactive return of tariffs paid on the entry of articles that would have received duty-free or preferential treatment if the program had been renewed. 3. Extension of Generalized System of Preferences (a) In general Section 505 of the Trade Act of 1974 ( 19 U.S.C. 2465 ) is amended by striking December 31, 2020 and inserting December 31, 2029 . (b) Application of retroactive treatment Notwithstanding section 505 of the Trade Act of 1974 ( 19 U.S.C. 2465 ), section 514 of the Tariff Act of 1930 ( 19 U.S.C. 1514 ), or any other provision of law and subject to subsection (c), any entry of a covered article to which duty-free treatment or other preferential treatment under title V of the Trade Act of 1974 ( 19 U.S.C. 2461 et seq. ) would have applied if the entry had been made on December 31, 2020, that was made— (1) after December 31, 2020; and (2) before the date of enactment of this Act, shall be liquidated or reliquidated as though such entry occurred on December 31, 2020. (c) Requests A liquidation or reliquidation may be made under subsection (b) with respect to an entry only if a request therefor is filed with U.S. Customs and Border Protection not later than 180 days after the date of the enactment of this Act that contains sufficient information to enable U.S. Customs and Border Protection— (1) to locate the entry; or (2) to reconstruct the entry if it cannot be located. (d) Payment of amounts owed Any amounts owed by the United States pursuant to the liquidation or reliquidation of an entry of a covered article under subsection (b) shall be paid, without interest, not later than 90 days after the date of the liquidation or reliquidation (as the case may be). (e) Definitions In this section— (1) the term “covered article” means an article from a country that is a beneficiary developing country under title V of the Trade Act of ( 19 U.S.C. 2461 et seq. ) as of December 31, 2020; and (2) the terms “enter” and “entry” include a withdrawal from a warehouse for consumption.