The U.S. Senate this week passed S. 1260 (by a vote of 68 to 32), legislation that includes the “Trade Act of 2021.”
The Trade Act of 2021 contains measures that would:
- Retroactively extend of the Generalized System of Preferences (GSP) until January 2027
- Renew the Miscellaneous Tariff Bill (MTB)
- Reinstate the “Section 301 exclusion process” and extend certain expired exclusions
- Establish a “forced labor directorate” in U.S. Customs and Border Protection (CBP)
Source KPMG
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