Big trade news out of Washington yesterday: data released showed that $1.4 billion in GSP-eligible goods were imported in November. Unfortunately, since GSP was expired, American companies paid an extra $53.7 million in taxes. Most of the companies paying those taxes are small businesses that can least afford them. Nearly 80 percent of companies on...
Continue readingBased on new August trade data released by the US government, we can finally see the cost of Congress’ inability to renew GSP before July 31…and it’s not pretty. GSP should have eliminated about $56.5 million in taxes on about $1.6 billion in imports in August alone. Instead of having that money on hand to...
Continue readingEarlier this week, our friends at the Alliance for GSP Countries (A-GSPC) sent a letter to congressional leaders signed by the Ambassadors from Algeria, Bangladesh, Ecuador, Fiji, Georgia, Indonesia, Moldova, Mongolia, Pakistan, Philippines, Sri Lanka, Thailand, Tunisia, Uruguay, and Yemen. The letter states: The GSP’s importance to its...
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