Grassley Eyes GSP, MTB Renewal This Year
International Trade Partner Nasim Fussell was quoted in Politico Pro about two tariff waiver programs, the Generalized System of Preferences (GSP) and the Miscellaneous Tariff Bill (MTB), which are set to expire in less than 60 days unless Congress renews them. Senate Finance Chair Chuck Grassley hopes to win renewal to provide economic stability during the pandemic. Ms. Fussell provided comments about the MTB, which waives duties on raw materials and intermediate goods that manufacturers use to make finished products in the U.S.
“If MTB doesn’t get renewed before the end of the year, it could still happen early next year without causing significant disruption, as long as the process doesn’t insert onerous new requirements,” Ms. Fussell said. “What could significantly upset expectations for companies is failure to pass an MTB bill under the current process,” she added. “Ideally you’d pass an MTB bill that also renews the process.”
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