RETRO GSP Act

HR 7555, the RETRO GSP Act, requires the U.S. government to refund over $3 billion in tariffs paid by American businesses on imports from beneficiary countries during the GSP program's lapse (Dec 31, 2020-enactment date). It directs U.S. Customs to retroactively treat qualifying import entries as if they occurred on Dec 31, 2020, allowing businesses to get tariff refunds. Companies must submit refund requests to Customs within 180 days of the bill's enactment, with payments due within 90 days of processing. This directly affects U.S. importers of goods from GSP-eligible countries who paid duties during the program's suspension.