Geo. S. Bush & Co., Inc. Email Alert August 1, 2002

Trade Bill Including GSP Passes

This afternoon the Senate passed the Omnibus Trade bill, H.R. 3009, by a vote of 64-34. The bill includes Trade Promotion Authority (formerly known as Fast Track), Andean Trade Preference Act, GSP renewal and other trade and Customs provisions. The House passed the bill before leaving for the August recess. Now that the Senate has finished its work, the bill will go to the President for his signature. He has 10 days to sign it into law. As it is a victory for his administration, we fully expect him to sign this bill soon.

The preliminary language of the bill contained a provision for GSP renewal to December 31, 2006. It is expected to also be retroactive. If this is the case, duties deposited for GSP eligible commodities will be refunded directly to the importer from the US Treasury Department.

We will continue to monitor this issue and update you on changes and developments.