Global Economy

Congress carried out an unplanned tariff-hike experiment last year by letting GSP expire. China looks like the beneficiary.

The Generalized System of Preferences, known for short as “GSP,” expired on July 30th, 2013. A year of this unplanned experiment suggests results as follows: (a) smaller developing countries’ share of imports has fallen; (b) China’s share has grown, and (c) overall import trends are unchanged.

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