The President signed the year-end omnibus budget and COVID relief package at the end of 2020, but unfortunately it did not include the Miscellaneous Tariff Bill (MTB) or renew the Generalized System of Preferences program (GSP), nor did the USTR take action to extend the expiring product exclusions from China tariffs. The USTR follows the president’s directives and he has been largely silent on China tariffs since the election. The MTB and GSP were not included in year-end legislation as the clock ran out before congress could finalize details due to a contested election and COVID relief post-election. All of the tariff relief programs are expected to be renewed/extended and will reduce tariff exposure for SFIA members.

Click here to view the full trade update for January 2021. For more information please contact Bill Sells at bsells@sfia.org.