According to the Generalized System of Preferences of the United States, exports from developing countries face higher import tariff rates than exports from industrialized countries.

Question

Quizplus · Accepted Answer

The Generalized System of Preferences (GSP) is designed to promote economic growth in developing countries by providing preferential duty-free entry for up to 4,800 products from 120 designated beneficiary countries and territories, thus generally offering lower, not higher, import tariff rates for exports from these developing countries compared to those from industrialized countries.