On April 15, House Ways and Means Trade Subcommittee Chair Adrian Smith introduced the GSP Reform Act (H.R.7986). The bill would reauthorize GSP through December 31, 2030, refund all tariffs paid since GSP expired on December 31, 2020, and make significant changes to GSP rules related to country eligibility criteria, review processes, and product e...
Continue readingBased on an analysis of new U.S. Census Bureau data, American companies paid at least $3.36 billion in new tariffs from January 2021 and December 2023 due to GSP expiration. Imports into 8 states have faced $100+ million in extra tariffs because Congress let GSP expire, and 10 more states have faced between $50 million...
Continue readingWatching National Lampoon’s Christmas Vacation is a holiday tradition for many. Sadly, writing about how much Clark Griswold would hate GSP expiration has become a bit of a tradition itself, with this being the 3rd straight year that Americans are stuck paying extra tariffs on Christmas lights due to Congress’ continued failure to renew...
Continue reading