Rep. Adrian Smith of the House Ways and Means trade subcommittee says the Generalized System of Preferences will be renewed, with retroactive tariff refunds worth billions.
By Charles Benoit, CPA Trade Counsel In December, the U.S.-China Commission, a group created by Congress to advise on managing the bilateral relationship, formally recommended that China lose its Most-Favored Nation (MFN) tariff status. Referencing the decision to grant China permanent MFN status in 2001, Speaker McCarthy said in remarks on the House floor yesterday…