If Congress fails to pass legislation renewing GSP in the next 2 months, benefits will lapse and import taxes will go up. It is now past the point where basically all GSP importers are placing orders for 2018, so we created a new survey to collect information about how the uncertainty is impacting decisions today....
Continue readingRepresentatives Ralph Norman (SC-5), Jim Himes (CT-4), and 36 other Members sent a letter to leaders of the House Ways and Means Committee today in support of GSP renewal. The bipartisan letter, which included 17 Republicans and 21 Democrats from 20 states, urged the Committee “to advance a long-term GSP extension as quickly as possible.&rdqu...
Continue readingIn the first eight months of 2017, GSP saved American companies $547 million in eliminated tariffs. Year-to-date GSP savings through July exceeded $1 million for 39 states plus Puerto Rico. The map below shows the overall value of year-to-date 2017 GSP imports (in blue) and tax savings (in red) by state.
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