Yesterday USFIA joined with 307 American companies and associations in a letter to Congressional Trade leaders urging them to retroactively renew and update the Generalized System of Preferences (GSP). The letter is addressed to Senate Finance Committee Chairman Chairmen Ron Wyden (D-OR) and Ranking Member Mike Crapo (R-ID), as well as House Ways and Means Committee Chairman Richard Neal (D-MA) and Ranking Member Kevin Brady (R-TX). The letter notes that the Senate included a retroactive 6-year renewal and update of GSP in the large China competition bill that passed in June, however “companies have paid an estimated $250 million in extra tariffs while awaiting next steps and will continue paying about $3 million a day until GSP is restored.” They argue that Congress needs to work together and avoid a “sticks only” approach to addressing eligibility criteria. Read the letter here.