Compliance News / Supply Chain News / Economic Development

No GSP Program Renewal, But Eligible Entries Begin to Liquidate

Congress must pass an act reauthorizing the program.

May 15, 2014
/ Print / Reprints /
/ Text Size+

On July 31, 2013, benefits under the trade program known as the Generalized System of Preference (GSP) expired. To reinstate benefits, the United States Congress must pass an act reauthorizing the program. It remains unclear when Congress will reinstate GSP or if they will make the benefits retroactive. In the past when GSP expired, Congress made the program retroactive allowing reimbursement for all entries since expiration.

At present, CBP has made no provision to prevent liquidation (finalization) of goods eligible for GSP entered during the interim period. Dependent upon the language of any future legislation renewing the benefit, this could effectively bar an importer from recovering any qualifying duties and fees retroactively. An importer may file a protest with CBP in an attempt to “stop the clock” until such a time as Congress takes action in regard to the program.

Deringer strongly recommends that importers with entries of merchandise subject to GSP, which shipped in the last year, contact their Deringer representative to discuss the potential impact. 

You must login or register in order to post a comment.



Image Galleries

KC SmartPort Momentum

Kansas City SmartPort Momentum 2013 focused on 3PLs, the issues facing the industry, and the role or logistics in economic development


Assurance of Supply: A Top Concern for Manufacturers

Every manufacturer has an assurance of supply problem to some extent due to the complexity of global sourcing. For years, manufacturers were blessed with high margins but margins have grown paper thin. You can’t fill up your distribution centers with excess inventory – not only is there a cost factor but the pace of business and consumer buying trends causes goods to quickly turn obsolete. Assurance of supply provides the speed and agility that is essential to being able to compete in today’s market.


Speaker info: Diane Palmquist, VP Manufacturing Industry Solutions


More Podcasts

World Trade 100 Magazine

wt september 2014

2014 September

Check out the September 2014 edition of World Trade WT100, featuring the 2014 Logistics Directory, plus much more!
Table Of Contents Subscribe

Transportation Capacity

As peak season has gotten underway, what is your experience with transportation capacity?
View Results Poll Archive


World-Class Warehousing and Material Handling, 1st Edition

Filled with proven operational solutions, it will guide managers as they develop a warehouse master plan, one designed to minimize the effects of supply chain inefficiencies as it improves logistics accuracy and inventory management - and reduces overall warehousing expense.

More Products

Clear Seas Research

Clear Seas ResearchWith access to over one million professionals and more than 60 industry-specific publications,Clear Seas Research offers relevant insights from those who know your industry best. Let us customize a market research solution that exceeds your marketing goals.

Use our interactive maps to locate service providers across North America.Interactive Map

Logistics Development Partners 

IWLA Members