August Poll: How Does GSP Expiration Impact You?
Yesterday, the Washington Post published an article on GSP expiration, in which it asked the rhetorical question: “theoretically, the tariffs get refunded when the program is finally reauthorized, so no big deal, right?” This is a problem we always face. People assume that just because the money is typically refunded, retroactive renewa...
Continue readingWashington Post on GSP Expiration: “Serious Cash Flow Issue”
This morning, the Washington Post’s Wonkblog featured a post on the impacts of GSP expiration. The article highlights two very points. First, even if tariffs are refunded retroactively, expiration creates a serious financial burden for small businesses that cannot afford to pay higher taxes for an undetermined amount of time. Second, the unce...
Continue readingGSP Notes from a Small Island
With Congress gone, we took the opportunity to head back to Jamestown, RI to visit family – but that doesn’t mean we’ve stopped thinking about GSP. In fact, just yesterday while grabbing coffee in the town, we came across a new store: Fair Trade Winds. [youtube=http://www.youtube.com/watch?v=ZgUJvYhLMHE&w=560&h=315] We wen...
Continue readingReactions to GSP Expiration
With Wednesday’s expiration of the GSP program and the upcoming recess ensuring at least six weeks of higher taxes – and possibly much longer – there is lots of frustration among GSP importers. But we’re not alone. New U.S. Trade Representative Mike Froman released a statement saying: “The Obama Administration urges Co...
Continue readingCoalition for GSP: American Companies Frustrated by Congress’ Inability to Renew Generalized System of Preferences Program
This morning, the Coalition for GSP put out a press release on yesterday’s expiration of the GSP program. As noted by Executive Director Laura Baughman: “GSP’s expiration will be a financial blow for thousands of American companies that rely on the tariff savings to remain globally competitive. While expiration will be a cost...
Continue readingGSP to Expire…Again
Despite the best efforts of staff to reach a last-minute compromise, Senator Coburn will not release his hold on the GSP renewal bill. As such, GSP will expire tonight and companies will start paying an estimated $2 million per day in new import taxes. Since Congress adjourns on Friday and doesn’t come back until after...
Continue readingSenate Finance Ranking Member Hatch on GSP: “I doubt that we’ll get it through”
This morning, Senate Finance Committee Ranking Member Orrin Hatch (R-UT) verbalized what most GSP importers having been fearing for months. According to Inside US Trade ($), Hatch told reporters “I doubt that we’ll get it through before [GSP] expires.” As we noted yesterday, Senator Coburn (R-OK) has blocked the unanimous consent ...
Continue readingHagan Drops Hold, Coburn Only Remaining Objection to GSP Renewal
And then there was one. On Friday, we reported that two Senators had objected to the unanimous consent request for S. 1331. A little while ago, we learned that Senator Hagan is now supporting the UC request, meaning that Senator Coburn is the only one preventing Senate passage of legislation to renew GSP through September...
Continue readingGSP Bill Blocked in the Senate – Contacts Needed!
The GSP renewal legislation moving through the Senate hit a snag yesterday when Senators Tom Coburn (R-OK) and Kay Hagan (D-NC) objected to a request to pass the bill by unanimous consent. Unless these two Senators drop their objections, GSP will expire again and companies will face tariffs of $2 million per day starting next...
Continue readingKeep Those GSP Contacts Coming
The Senate continues working to pass S. 1331 by unanimous consent before next week’s expiration. Since any one Senator can block renewal, though, it’s critical that all GSP importers reach out to their Senators and urge support for the bill. You can call, email, or tweet using our Senate contact page. It’s now or never...
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