Bush administration ends GSP benefits for 10 countries

Bush administration ends GSP benefits for 10 countries    The Bush administration has terminated preferential tariff treatment for 10 countries due to political and economic changes.
   The 10 countries are no longer eligible to use the U.S. Generalized System of Preferences. GSP, which was reauthorized in the 2002 Trade Act until the end of 2006, grants tariff-free status to imported products from certain developing countries.
   Seven of the countries removed from the U.S. GSP program are located in Eastern Europe. They are the Czech Republic, Estonia, Hungary, Lithuania, Latvia, Lithuania, Poland and Slovakia. These countries are scheduled to join the European Union on May 1.
   The other three countries coming off the U.S. GSP program are Antigua and Barbuda, Bahrain and Barbados.
   The Bush administration said these countries are now defined as “high income” countries as defined by the International Bank for Reconstruction and Development.
   However, starting March 1, Algeria will begin to receive U.S. GSP benefits.