At yesterday’s House Ways and Means Trade Subcommittee hearing on Caribbean Basin preferences (i.e., CBTPA), several Members used the opportunity to support swift GSP renewal as well. CBTPA expires on September 30. In his opening statement, Ranking Member Vern Buchanan (R-FL) cited Coalition for GSP data, saying “Americans saved more th...
Continue readingIn late April, the United States suspended duty-free treatment for about 1/3 of Thailand’s imports under GSP. Lost GSP for Thailand cost importers up to $17 million in extra taxes from May to July; another burden for American GSP importers hurt by the Covid-19 pandemic and recession. New data suggests cloth face masks are the...
Continue readingYesterday we published new data showing state-by-state GSP tariff savings for the first half of 2020, and how savings changed from the first half of 2019. As noted, there have been widespread declines, but NOT resulting from the Covid-19 pandemic, as many might assume. Instead, declines stem primarily from GSP country suspensions, which cost Americ...
Continue reading