The RETRO GSP Act would extend the Generalized System of Preferences program, which provides duty-free or reduced-tariff treatment on imports from developing countries, through December 31, 2029. The bill also requires the federal government to refund tariffs that American businesses paid on eligible imports during the lapse in the program from January 1, 2021, until the bill's enactment, which Congress estimates totals approximately $3 billion. Companies seeking refunds must submit requests to U.S. Customs and Border Protection within 180 days of the bill's passage, and the government must pay any owed amounts within 90 days after processing. The legislation affects American importers, manufacturers, and consumers who benefit from lower costs on goods from developing countries, as well as the foreign economies that depend on preferential access to U.S. markets. The bill addresses concerns that the extended lapse in the program disrupted supply chain planning and increased costs for businesses and consumers.
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