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What is the Generalized System of Preferences (GSP)?
The Generalized System of Preferences is U.S. trade program to help developing nations improve their economic condition through exports. It provides for the duty-free importation of a wide range of products that would otherwise be subject to Customs duty if imported from non-GSP status countries. GSP is renewed on an annual basis by Congress. Often GSP authority lapses before it is renewed, in which case duties on imports that are normally covered are held in escrow pending renewal. If any item's GSP status changes, thereby losing eligibility for duty-free treatment, the duties held in escrow will not be refunded to the importer.
Customs & Border Protection (CBP), Department of Homeland Security
http://www.cbp.gov/
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