According to new research from the Coalition for GSP, expiration of the Generalized System of Preferences (GSP) program cost American companies at least $89 million in May 2021. Congressional authorization for GSP expired on December 31, 2020. In the first five months of expiration, American companies paid at least $397 million in extra taxes as...
Continue readingCosts are rising for American companies that have depended for decades on GSP benefits for key supplier countries. American companies paid over $10 million in new tariffs through June to the Administration’s choice to terminate GSP for Turkey. That is on top of the $25 million in tariffs paid in June on previously GSP-eligible products...
Continue readingGSP saved American companies over $1.03 billion in 2018, smashing the previous high of $894 million set in 2017. GSP benefited companies in every state – and GSP savings exceeding $1 million for 41 states plus Puerto Rico. The map below shows the overall value of 2018 GSP imports (in blue) and tax savings (in...
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