WASHINGTON – U.S. Representative Greg Steube (R-Fla.) today announced his legislation, Preserving America’s Interests and Security in Trade Act advanced out of committee as a provision in H.R. 7986 The Generalized System Preferences Reform Act. The bill was approved by the Committee on Ways and Means by a vote of 25-17.
Rep. Steube’s legislation better aligns the Generalized System of Preferences (GSP) trade program with America’s national security interests by modifying designations of beneficiary countries under the GSP. These modifications will ensure that the GSP is more effective as a tool to counter countries entering into deeper economic, diplomatic, and military relationships with our adversaries, and those who undermine U.S. foreign policy interests.
“Rather than relying on President Biden’s weak entreaties to our adversaries of ‘Please Don’t Do It,’ we need substantive policy with force to advance America’s interests abroad. This must be a key principle in our trade policy,” said Rep. Steube. “Preserving America’s Interests and Security in Trade Act is a much-needed step to strengthen our national security and advance our foreign policy goals. If a country is allowing China to build military bases on their soil, they should not receive special trade preferences from the U.S. If a country is strengthening its ties with Iran, they should not receive economic benefits from us. The essential reforms included in my bill will help ensure that the U.S. uses GSP to counter the growing aggression of countries like China, Iran, Russia, and North Korea.”
The Generalized System of Preferences (GSP) is the U.S.’s largest and oldest trade preference program. It provides preferential duty-free treatment for approximately 3,500 products from a wide range of designated beneficiary developing countries. H.R. 7986 will reform the program, prioritizing America’s strategic trade goals.
