SPY380.36-1.97 -0.52%
DIA309.45-4.53 -1.44%
IXIC13,192.35+72.96 0.56%

DJ Expired Trade Program Has Good Chance of Being Renewed -- Market Talk

· 02/05/2021 18:27

1827 ET - Versace parent Capri Holdings earlier this week noted the expiration of a trade program called the Generalized System of Preferences, which provides low or no tariffs for certain imports into the US. Wall Street doesn't seem to be concerned. "We believe a renewal is highly likely," Wells Fargo says. "The GSP has always been reinstated, irrespective of whether a Republican or Democrat controls the White House." The investment bank says companies would typically receive retroactive reimbursement for duties they paid during the lapsed period. Still, the timing is unclear. The incoming US trade representative has yet to be confirmed by Congress, and Congress would need to approve the renewal before it goes to President Biden's desk. (dave.sebastian@wsj.com; @depsebastian)

(END) Dow Jones Newswires

February 05, 2021 18:27 ET (23:27 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.