The Miscellaneous Tariff Bill (MTB) and Generalized System of Preferences (GSP) have provided billions in tariff relief on industry products. Both programs expired at the beginning of 2021 and Congress has failed to renew them despite bipartisan support.
The lapse of GSP has kept production in China, despite the Section 301 tariffs, and its renewal would incentivize sourcing in GSP-eligible countries. 66 Congressmen sent a letter to the Ways & Means Chairman Jason Smith and Ranking Member Richard Neal on GSP renewal to help move supply chains away from China.
The MTB eliminates or reduces tariffs on imports of products no longer manufactured in the U.S. The U.S. International Trade Commission recommended the inclusion of 82 SFIA petitions in the MTB. Each petition is capped at $500,000 – providing up to $41 million in tariff relief on sporting goods and fitness products. SFIA joined a letter to the Chairmen and Ranking Members of the House and Senate Tax Committees requesting immediate action on both GSP and MTB.
Click here to view the letter.
For more information on tariff relief efforts, please contact Bill Sells, SVP Government Relations & Public Affairs, at [email protected].