The RETRO GSP Act, also known as Bill 118 hr 7555, is a piece of legislation currently being considered by the US Congress. The bill aims to reinstate the Generalized System of Preferences (GSP) program retroactively to January 1, 2018. The GSP program is a trade preference program that allows certain goods from developing countries to enter the United States duty-free.
The bill seeks to provide relief to American businesses that have been negatively impacted by the expiration of the GSP program in 2017. By reinstating the program retroactively, the bill aims to help these businesses recover any duties they may have paid on imports from GSP-eligible countries during the period when the program was not in effect.
The RETRO GSP Act has garnered bipartisan support in Congress, with lawmakers from both parties recognizing the importance of the GSP program in promoting economic growth and development in developing countries. Supporters of the bill argue that reinstating the program retroactively will help American businesses remain competitive in the global market and support job creation in the United States.
Overall, the RETRO GSP Act is a piece of legislation that aims to provide relief to American businesses impacted by the expiration of the GSP program and promote economic growth and development in developing countries.