Breakdown of Tariffs Paid Because of GSP Expiration by State, August 2013-January 2015

Dear GSP importer, the bank regrets to inform you…

“After careful consideration Sun National Bank has decided not to renew the above referenced $600,000 line of credit.” That one sentence, from a bank letter (right) forwarded by a GSP importer, immediately raises concerns about the future viability of the business. The reason for the bank’s decision? The company could not pay the ...

GSP Expiration Cost Another $54 Million in January 2015

Based on data released last week, continued GSP expiration cost American importers another $54 million in January 2015. For both Arizona and West Virginia, it was the most costly month to date in terms of tariffs paid to date. The cost of tariffs paid because of expiration exceeded $1 billion in January. At $150 million...