We want to be sure to send the reminder that any China exclusions in place do expire on 12/31/2020. There is no notice of renewal of any exclusions nor to remove the Steel or China tariffs by the new administration at this time.
We have received information from our source in Washington DC as follows regarding GSP and the MTB.
Text of the end-of-year legislative package has not yet been released, although we understand it will clock in at over 5,000 pages. We are being told that while the USMCA (US Mexico Canada Trade Agreement) technical corrections bill was included, Congressional leaders did not include an extension of the Generalized System of Preferences (GSP) program nor the Miscellaneous Tariff Bill (MTB).
This means that GSP will expire on December 31, as will the temporary duty reductions and suspensions included as part of the current MTB.
We won’t likely have a sense as to when Congress will address GSP and the MTB until after the holidays – but we will be staying in touch with the Senate Finance and House Ways and Means Committees in an effort to provide you with the most up-to-date information available.
(Thank you to FBB Federal Relations and Lindsay Hart LLP.)