On June 29, 2015, President Obama signed into law the Trade Preferences Extension Act (H.R. 1295), which renews the Generalized System of Preferences (GSP) program. The GSP program provides non-reciprocal, duty-free treatment to certain products imported from developing countries for the use by U.S. companies in manufacturing goods for domestic consumption. The GSP has been authorized through December 31, 2017, and also reaches retroactively back through July 31, 2013. Duties paid on eligible imports between July 31, 2013 and the reauthorization of the GSP will be reimbursed. Duty-free treatment of GSP-eligible imports will become effective on July 29, 2015.
For more information about the GSP program, click here.