Approval of the U.S. Generalized System of Preferences renewal by the House should open the door to a return of lower tariffs for emerging markets. Yet, the bill will need Senate and Presidential approval. The latter should not be taken as a given. President Trump does not appear to be “anti-GSP” – he allowed Argentina in during December. Yet, imports have increased steadily with a 9% rise in seaborne imports in 2017 from the countries covered by GSP. The President could choose to exclude countries with large trade surpluses vs. the U.S. , which would be inline with broader trad...