Based on an analysis of new U.S. Census Bureau data, expiration of the Generalized System of Preferences (GSP) program has cost American companies at least $1.24 billion, including another $90 million in February 2022. Those figures are the absolute minimum: companies have paid well over $200 million in tariffs on potentially GSP-eligible tariffs that didn’t claim GSP (but may be eligible for post-renewal refunds).
Imports into 40 states (plus Puerto Rico) paid at least $1 million in tariffs due to GSP expiration. The map below shows estimated tariffs paid for products claiming GSP by state.
In February, companies in Wisconsin paid over $1.4 million in extra tariffs – driven by nearly $500,000 in tariffs on bicycles from Cambodia. Wisconsin tariffs paid on bicycles have risen sharply: the $820,000 paid in January/February 2022 is nearly 4x higher than the $215,000 paid in the first two months of 2021. Wisconsin has accounted for about 20% of all bicycle imports from Cambodia since GSP expired.
It is critical that Congress renew GSP – with refunds for tariffs paid – as soon as possible. If you’re a GSP importer hurt by expiration, please and our impact survey here. As always, no company-specific details will be published without permission.