Many people think imports are bad because they take business away from U.S. producers. Yet the reality is that many goods imported into the United States are used by American companies to manufacture, grow, or otherwise “make stuff” in the United States. This is certainly true for products imported duty-free under the Generalized System...
Continue readingAs we noted yesterday, GSP expiration cost American companies $62 million in October. California companies paid an estimated $9.1 million, but more than a third of states faced an extra million dollars in import taxes because GSP remained expired. Taxes paid by companies in both Indiana and Virginia jumped more than 30% from September to...
Continue readingThe Generalized System of Preferences (GSP) program eliminates U.S. tariffs (i.e., taxes) on certain imports from developing countries. GSP imports in 2011 totaled $18.5 billion and the program saved American companies more than $700 million. GSP saved Michigan companies an estimated $22.8 million in 2011. Michigan companies imported an estimated $...
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