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“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
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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.
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12/21/2020 10:00 AM EST
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12/18/2020 08:00 AM EST
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