The Generalized System of Preferences exempts developing countries from paying import taxes on their U.S. sales.

Question

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The Generalized System of Preferences (GSP) is a program that exempts eligible developing countries from paying import taxes on certain products when they are sold to the United States. This program is designed to promote economic growth in developing countries by making it easier and cheaper for them to trade with the United States.

The Generalized System of Preferences Exempts Developing Countries from Paying