WASHINGTON — A bill co-introduced by Republican Florida Rep. Vern Buchanan is looking to renew trade programs in an effort his office says would protect small businesses in the United States.
Under the legislation, the Generalized System of Preferences (GSP) and the Miscellaneous Tariff Bill would be reworked and reauthorized, according to a press release.
Established in 1974, the GSP is the nation's oldest and most expansion trade preference program. It is meant to encourage economic development by abolishing duties on thousands of products imported from 119 designated countries and territories. The Miscellaneous Tariff Bill temporarily reduces, and sometimes suspends, certain import tariffs – often at a company's request.
“American workers and businesses are in a race against China’s manufacturing infrastructure,” Buchanan said. “The Generalized System of Preferences and Miscellaneous Tariff Bill are two of the best tools we have to maintain our economy’s competitive edge and help us remain a global leader on trade. As our economy slowly recovers from the coronavirus pandemic, reauthorizing these valuable programs will put American workers and businesses first, encouraging growth and job creation.”
The American Manufacturing Competitiveness Act, which gives Congress a framework for monitoring tariffs and benefits to the U.S., would also be extended under the bill.
Buchanan and Rep. Kevin Brady (R-TX) say they believe businesses are suffering under trade moratoriums and that American companies have paid more than $450 million "because of Democrat's inaction."
“House Democrats’ ideological go-it-alone approach has already cost American businesses more than $450 million in duties at a time when they already face a severe worker shortage, higher production costs, and the prospect of crippling tax hikes," Brady added.
Ways and Means Trade Subcommittee Republicans are set to hold a meeting Wednesday to discuss the impact the expired programs have had on workers and small businesses across the U.S.
You can read the full bill here.
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