United States GSP Program
This program is suspended every few years and is eventually reinstated. While it is in a suspended state, duties are collected from importers and placed in a temporary account. So far, every time the program is reinstated, duties that have been collected have been returned to the importer.
Here is some recent history:
- July 31, 2013: Suspended
- July 29, 2015: Reinstated until December 31, 2017
- December 31, 2017: Suspended
- March 23, 2018: Reinstated until December 31, 2020
October 29, 2018
Negotiators from the U.S., Mexico and Canada have agreed on changing the treaty. However the changes will not go into effect until ratified by the governments of all three countries. As of now, the changes appear minor except in the automobile industry.
- The name of the treaty will change from NAFTA to "United States-Mexico-Canada Agreement", or "USMCA."
- A higher percentage of North American content will be required to qualify a car for USMCA treatment
- Some of the North American content must come from a factory paying workers at least US$16 per hour.
- Intellectual property protection will increase.
May 1, 2020
The governments of all three countries have ratified the treaty and it is in effect.