Representatives for 26 countries met at the Argentine Embassy in Washington on Thursday to call on Congress to reinstate a law that adjusts U.S. tariffs based on national income levels. The diplomats called for passage of the Generalized System of Preferences (GSP), a U.S. law that's been on the books since the 1970s but lapsed in 2021. Under the GSP, countries below certain income thresholds can export goods to the United States under preferential tariffs a step lower than the "most favored nation" status set by the World Trade Organization. "Most favored" is the baseline status for most members of the World Trade Organization, which essentially dictates that countries must trea
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