GSP saved American companies a record $1.03 billion in 2018, smashing the previous high of $894 million set in 2017. Since Congress renewed GSP in 2015 following a multi-year lapse, annual GSP savings for American companies have increased by more than $350 million. Despite overwhelming congressional support for GSP renewal in 2018, the Trump...
Continue readingNew trade data for January came out yesterday and the numbers aren’t pretty: American companies paid $77 million in extra taxes because Congress failed to renew GSP last year. By comparison, the most tariffs paid in a single month during the last 2-year expiration was “just” $61 million. So the stakes for a swift, retroactive...
Continue readingGSP saved American companies $865 million in eliminated taxes. That is about $136 million, or nearly $13 million per month, more than 2016. Savings for July-October also don’t reflect program changes adding benefits for travel goods that could add another $5-10 million per month once data are revised. GSP savings exceeded $1 million for 41...
Continue reading