Renewal of the US trade deal is delayed

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Written By Jennifer Joslyn

🇺🇸 Renewal of the US trade deal is delayed.

The Generalized System of Preferences (GSP) expired in 2020, ending the tariff-free access over 100 countries had to the United States market. This renewal delay is leading to many US companies turning back to China for sourcing due to changes in financial calculations for sourcing in an overseas country. Under the GSP, developed countries offer preferential tariff rates to developing countries on certain products, typically raw materials and semi-finished goods. The idea is to help promote economic development in these countries by encouraging them to export their goods to developed countries. This, in turn, can help boost economic growth in developing countries and reduce poverty.

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Jennifer Joslyn
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