U.S. Senate passes bill that includes trade-related measures

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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