In late April, the United States suspended duty-free treatment for about 1/3 of Thailand’s imports under GSP. Lost GSP for Thailand cost importers up to $17 million in extra taxes from May to July; another burden for American GSP importers hurt by the Covid-19 pandemic and recession. New data suggests cloth face masks are the...
Continue readingYesterday we published new data showing state-by-state GSP tariff savings for the first half of 2020, and how savings changed from the first half of 2019. As noted, there have been widespread declines, but NOT resulting from the Covid-19 pandemic, as many might assume. Instead, declines stem primarily from GSP country suspensions, which cost Americ...
Continue readingGSP eliminated over $24 million in tariffs in 2019 on products directly related to Covid-19 response. Congress should renew GSP immediately to ensure continued GSP duty-free treatment for these critical products and provide certainty for American companies that are already struggling due to the coronavirus pandemic. GSP’s current authorizatio...
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