$2.5 Billion in Tariffs: What Lapse in Trade Programs Could Cost US Firms

The Generalized System of Preferences (GSP) and the Miscellaneous Trade Bill (MTB)–each offering duty-free or reduced tariff treatment for a range of imported goods–expired Dec. 31 after Congress failed to reauthorize these critical trade bills. As a result, importers must now pay tariffs on covered goods entering the country. GSP, most recently reauthorized on April…