The US Generalized System of Preferences (GSP) programme for Sri Lanka and other beneficiary countries will expire on December 31, as the US Congress did not re-authorize GSP before adjourning for the year, the US Embassy said today (29).
Accordingly, the immediate effect of GSP expiration is that the GSP eligible imports to the US from Sri Lanka and other GSP beneficiary countries and territories will be subject to non-preferential duties beginning January 01, 2018.
In a statement, the embassy said the US is proud to serve as the top export market for Sri Lanka.
According to the Global Trade Atlas, in 2016, the US imported 2.8 billion USD of Sri Lankan goods.
Sri Lanka and other countries opposed president Donald Trump’s recognition of Jerusalem as the capital of Israel, and his move was defeated at the UN general assembly. Thereafter, Trump threatened the countries who opposed him of repercussions. Removal of the GSP could be one.