The Alliance for Chemical Distribution (ACD), formerly the National Association of Chemical Distributors, President and CEO Eric R. Byer applauded the introduction of H.R. 7555, a bi-partisan bill introduced by Representative Debbie Wasserman Schultz (D-FL-25) to retroactively renew the Generalized System of Preferences (GSP) program and to extend it through 2029. The GSP program provides U.S. companies with tariff relief on many products from certain developing countries, saving American businesses hundreds of millions of dollars in tariffs each year while allowing the exporting countries to increase and diversify their trade.
“For far too long, American businesses have been denied the critical benefits GSP provides, hindering their ability to compete globally. Congress’ failure to renew GSP, one of the most effective trade preference programs, has resulted in billions of dollars in added tariffs for businesses already struggling with inflation and rising costs.
“The retroactive renewal and extension of the GSP program is long-overdue and ACD applauds Representatives Wasserman Schultz along with her co-sponsors Reps. Diaz-Balart (R-FL-26), Wilson (D-FL-24), Rutherford (R-FL-5), Cherfilus-McCormick (D-FL-20) and Salazar (R-FL-27) for the introduction of this critical bill. The renewal of GSP will enhance access to thousands of chemical products while also keeping costs down for industry and consumers alike. We look forward to working with Congress to pass this critical bill to ensure our competitiveness in an increasingly dynamic global economy.”
Since the lapse of the GSP program in 2020, ACD has called for its full, retroactive renewal. Based on an economic analysis conducted by John Dunham & Associates in 2022, chemical products that were no longer able to be imported duty-free faced tariffs of $50.2 million in 2021. Tariffs were projected to be more than $60 million in 2022.