The biggest overhaul to the Generalized System of Preferences since its introduction in 1974 has been referred to the House Ways and Means Committee, with the new bill looking to update rule of origin and competitive needs limitations to foster supply chain moves out of China, along with permanently banning that country from the program. The GSP Reform Act (HR 7986), introduced by Rep. Adrian Smith (R-NE), will renew the program through 2030 and include retroactive renewal back to the last GSP lapse on Dec. 31, 2020. The bill also includes ... Log in to view full article.