If you’ve bought any holiday lights either this year or last – or you’re a Member of Congress or the Administration that wants supply chains to move out of China – then you should hate GSP expiration too. Fun, old-fashioned family Christmas lights have faced up to $65 million in extra tariffs due to GSP...
Continue readingOn November 30, a broad range of American companies and associations sent a letter urging Congressional leaders to prioritize legislative action on the Generalized System of Preferences (GSP) program in the Lame Duck session. GSP expired on December 31, 2020. It soon could become the longest GSP lapse ever and the first time GSP remained...
Continue readingIt has been exactly 22 months since Congress let GSP expire. American companies paid at least $1.9 billion in direct tariffs – and as much $2.4 billion – through August 2022. Tack on the two extra months for which data aren’t available yet, and Congress’ failure to renew GSP resulted in up to $2.6 billion...
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