H.R. 7555 seeks to extend the Generalized System of Preferences (GSP) program, which supports economic growth in developing countries while benefiting American businesses and consumers by allowing certain goods to enter the U.S. duty-free. The bill proposes to renew the GSP through December...
Simple Explanation
The bill, H.R. 7555, wants to bring back a program that helps poor countries grow by letting them sell some things in the U.S. without paying extra money called tariffs. It also wants to give back the extra money companies paid since the end of 2020, helping both the poor countries and the businesses in the U.S. who rely on these deals.