If you are importing food into the US for resale, a customs broker can prepare the customs entry and submit the required food-import information. Before shipment, the broker needs to know exactly what the food is, where it was produced, and which business is importing...
You can appoint a new customs broker while imports are underway. Start by agreeing which shipments the new broker will handle and establishing what has already been filed with US Customs and Border Protection (CBP). The handover must account for work the previous...
The Court of International Trade (CIT) has recently announced a class action for IEEPA refunds. On October 8, the CIT said the class action will allow refunds to importers who imported cargo under the now-illegal International Emergency Economic Powers Act (IEEPA)...
Elegir el agente de aduanas adecuado es una decisión importante para cualquier empresa o persona que importe mercancías a Estados Unidos. Su agente de aduanas puede ayudarle a preparar su declaración de aduanas, clasificar sus productos, calcular los aranceles,...
Throughout the year agreements, laws, and programs will enact incongruence that will alter the state of things in the world of shipping. One such program renewed for the following year is the Generalized System of Preferences, or GSP, which will be repeated and will go back into effect on April 22nd. Let us go over what it is, and what this means for the U.S. shipping companies that this will have the most significant impact.
Established by the Trade Act of 1974 the Generalized System of Preferences (GSP) is a U.S. trade program designed to promote economic growth in the developing world by providing preferential duty-free entry for up to 4,800 products from 129 designated beneficiary countries and territories.
The GSP will help developing companies by aiding in their diversity and growth of trade with the U.S. The program will reduce the costs these countries will have to pay on trade due to the duty-free entry of products.
By moving GSP imports from the docks to the U.S. consumers and manufacturers, it supports tens of thousands of jobs in the U.S. It is especially important to the small businesses, relying on the programs’ duty saving to help them stay competitive.
The GSP supports progress in these countries; it also promotes growth by beneficiary countries in affording worker rights to their people, enforcing intellectual property rights, and in helping the rule of law.
If Congress passes the new GSP bill, it will extend the GSP until December 31, 2020. The bill will also include a provision allowing Customs to apply GSP retroactivity to entries between December 31, 2017, and the date of the reauthorization. Currently, importers are allowed to flag entries as “GSP eligible” in anticipation of future reauthorization, despite these importers are paying MFN rates until reauthorizing GSP.
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