On May 27, 2021, the U.S. Senate voted to amend the
United States Innovation and Competition Act (the Act), formerly the
Endless Frontier Act, a bill that started as an effort to increase the United States competitive advantage in the world through investments in research and technology, but has morphed into a broad, China-centered legislative package addressing trade and other issues. The package includes an amendment, the
Trade Act of 2021, which would, among other things, allow tariff relief via a multi-year renewal of the Generalized System of Preferences (GSP) program through January 1, 2027, and a Miscellaneous Tariff Bill (MTB) with duty suspensions valid through December 31, 2023.
POLITICO
“This legislation is an economic win-win,” Wyden said.
Sen. Ron Wyden is still expected to release legislation in the near future that aims to make U.S. trade policy more competitive with China. | Susan Walsh-Pool/Getty Images
Link Copied
Senate Finance Chair Ron Wyden (D-Ore.) released legislation on Tuesday that would revive a series of lapsed tariff-reduction programs designed to promote trade with developing countries and make certain imports less expensive for U.S. firms.
What the bill would do: The Trade Preferences and American Manufacturing Competitiveness Act would reinstitute the Generalized System of Preferences until 2027. The program has been used since 1974 to eliminate tariffs on goods imported from countries in need of an economic boost, but it expired in December amid partisan disagreements over provisions related to human rights and the environment.