New 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 readingIn the last month before GSP expired on December 31, it saved American companies $79 million on about $1.8 billion in imports. GSP imports were up by 17 percent – and tariffs savings were up by 29 percent – compared to December 2016. Total 2017 savings from GSP increased at least $136 million over 2016....
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...
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