Omnibus Spending Bill Includes GSP Renewal

The proposed renewal of the Generalized System of Preferences (GSP) through December 31, 2020 is outlined in the Omnibus Spending Bill, which was released on Wednesday, March 21st. The 2,000 page bill has passed in both the House and Senate and now needs to be signed by President Trump.

Under the Omnibus bill, GSP renewal would cover all previously qualified goods, though the bill also contains more legislative requirements pertaining to GSP eligibility. The office of the U.S. Trade Representative must submit a report on the GSP eligibility criteria to the House Ways and Means and Senate Finance committees annually. If Omnibus passes and GSP is renewed, all applicable stakeholders will receive retroactive benefits within 90 days of reinstatement.

Until this week, Trump seemed to be on-board with passing the bill, but his stance appears to be wavering based on recent statements via Twitter.

Shapiro will continue to monitor the situation and provide updates as they become available.