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Statement by the Press Secretary on the President’s Notification to Remove Certain Trade Benefits from Russia
Wednesday, May 7, 2014 12:50
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The President notified Congress today that he intends to withdraw Russia’s eligibility for trade benefits under the Generalized System of Preferences (GSP) program because Russia is sufficiently advanced economically that it no longer warrants preferential treatment reserved for less advanced developing countries, consistent with the requirements of the GSP program. Once Russia’s eligibility is withdrawn, which would be effected via a presidential proclamation, U.S. imports of GSP-eligible goods from Russia will be subject to normal, non-preferential rates of duty.
Source: http://www.whitehouse.gov/the-press-office/2014/05/07/statement-press-secretary-president-s-notification-remove-certain-trade-
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