Welcome to Renew GSP Today

Thanks for visiting our website about the GSP trade program. Congress passed a retroactive GSP renewal on June 26, 2015 that extends the program through December 31, 2017 and refunds approximately $1.3 billion in taxes paid during the previous expiration.

Yet 2017 will be here soon, so we must continue to build support for the GSP program. If your company uses GSP, please get engaged by:

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GSP Saved American Companies $61 Million in June 2016

In June, the GSP program saved American companies $61 million on about $1.5 billion in imports. GSP saved U.S. companies $353 million in the first half of 2016, more than any year since 2012.

Overall, the value of GSP imports increased by 9 percent and the value of GSP tariff savings increased by 14 percent compared to June 2015. Some states, such as Florida and Kansas, saw much larger increases in GSP imports and savings compared to June 2015, as shown in the graphic below.

GSP_June2016_Snapshot

In Florida, GSP imports and savings both increased by about 50 percent compared to one year earlier. Ferroalloys from Georgia, jewelry from Bolivia, and plywood from Ecuador all contributed to Florida’s GSP increases.

In Kansas, GSP imports increased by 28 percent and savings from GSP by 53 percent compared to one year earlier. Pesticides from India, ceramic sanitary fixtures (sinks, tubs, toilets, etc.) from Thailand, and building stone from Brazil contributed most to Kansas’ GSP increases.

Imports from the Ukraine nearly doubled, led by increased imports of rare gases by companies in South Carolina. GSP eliminated about $560,000 in import taxes on truck tires in June, with more than $200,000 saved on imports into New Jersey alone.

If your company imports under GSP, be sure to answer our GSP renewal impacts survey here.

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Survey: GSP Renewal Impacts After 1 Year

Friday marked the one-year anniversary of the GSP program going back into effect. What has been the impact since then?

On the data side, we know the renewal alone led to about $1.3 billion in refunds. We also know that GSP waived about $580 million in additional import taxes from August 2015 to May 2016 (our Graphics page has snapshots with monthly savings update). Assuming average savings in June and July, GSP renewal meant an extra $2 billion at the disposal of American companies over the past year.

The numbers are impressive but individual company stories show the vital importance of the GSP program to American companies and workers even better. That is particularly true in the current political environment where trade has been a useful pinata for nearly all candidates.

So if you only take one GSP-related action in 2016, it should be answering this survey. We expect the survey report to be one of the principle documents used to advocate for GSP renewal beyond its current expiration date – now just 17 months away.

Like previous surveys, all data will be kept confidential and no company-specific answers will be attributed unless you explicitly grant permission. If you have any questions, please contact Dan Anthony at the Coalition for GSP here.

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GSP Saved American Companies $62 Million in May 2016

In May, the GSP program saved American companies $62 million on about $1.6 billion in imports. The GSP program saved U.S. companies $292 million in the first five months of 2016.

Overall, the value of GSP imports and tariff savings both increased by more than 10 percent compared to May 2015. Some states, such as Arkansas and Rhode Island, saw very large increases in GSP imports and savings compared to May 2015, as shown in the graphic below.

GSP_May2016_Snapshot

In Arkansas, GSP imports and savings both increased by 37 percent compared to one year earlier. Vanadium oxides and hydroxides from South Africa, firearms from Turkey, and transmission parts from Thailand contributed most to Arkansas’ GSP increases.

In Rhode Island, GSP imports increased by 79 percent and savings from GSP by 145 percent compared to one year earlier. Costume jewelry from Thailand, glass fibers from Sri Lanka, and metal picture frames from Turkey contributed most to Rhode Island’s GSP increases.

Imports from Cambodia jumped by 121 percent, led by increased imports of window blinds by companies in California. GSP eliminated about $109,000 in import taxes on buses in May and has waived more than $400,000 on imports of buses in the first five months of 2016.

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Year-to-Date GSP Savings By State through April 2016

In the first four months of 2016, GSP saved American companies about $230 million in eliminated tariffs. The map below shows the overall GSP imports and savings by state from January to April.

GSP_Savings_Map_Jan-Apr2016

Companies in California continued to lead the way with $36 million in tax savings, followed by companies in New Jersey with $20 million. Texas replaced New York in third place and Florida leapfrogged over Georgia for fifth place among all states in terms of tax savings from GSP so far in 2016. This map will be updated monthly as new trade data become available and the most up-to-date version will be available at all times on our Graphics page.

These pages highlight some of the individual states, products, and countries with the biggest increases in January, February, March , and April.

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GSP Saved American Companies $60 Million in April 2016

In April, the GSP program saved American companies $60 million on about $1.6 billion in imports. The GSP program saved U.S. companies $230 million in the first four months of 2016.

Overall, the value of GSP imports and tariff savings both increased slightly compared to April 2015. Some states, such as South Carolina and New Hampshire, saw very large increases in GSP imports and savings compared to April 2015, as shown in the graphic below.

In South Carolina, GSP imports increased by 49 percent and savings from GSP by 48 percent compared to one year earlier. Plastics from Brazil, valves from Turkey, and motorcycles from Thailand contributed most to South Carolina’s GSP increases.

In New Hampshire, GSP imports increased by 317 percent and savings from GSP by 273 percent compared to one year earlier. Sporting goods from Thailand, optical devices from Sri Lanka and the Philippines, and parts for meters from India contributed most to New Hampshire’s GSP increases.

Imports from Bolivia jumped by 60 percent, led by increased imports of tungsten concentrates by companies in Nevada. GSP eliminated about $821,000 in import taxes on sugar and nearly 70 percent of those imports went to California.

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Map of 2016 Year-to-Date GSP Savings by State

In the first three months of 2016, GSP has saved American companies about $170 million in eliminated tariffs. Previously, we’ve shown some of the states, products, and countries with the biggest increases in January, February, and March (and will continue to do so going forward). The map below shows the overall GSP imports and savings by state from January to March.

GSP_Savings_Map_Jan-Mar2016

Not surprisingly, companies in California led the way with $26 million in tax savings, followed by companies in New Jersey with $15 million and companies in New York and Texas with $12 million.

We’ll update this map monthly as new trade data become available. The most up-to-date version of the map will be available at all times on our new Graphics page.

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GSP Saved American Companies $62 Million in March 2016

In March, the GSP program saved American companies nearly $62 million on about $1.6 billion in imports. The GSP program saved U.S. companies $170 million in the first three months of 2016.

Overall, GSP tariff savings increased increased by 8 percent compared to March 2015. The value of imports under GSP increased 6 percent. Some states, such as Iowa and Missouri, saw ever bigger increases in GSP imports and savings compared to March 2015, as shown in the graphic below.

GSP_Mar2016_Snapshot

 

 

In Iowa, GSP imports increased by 152 percent and savings from GSP by 304 percent compared to one year earlier. Chemicals from India and gelatin from Brazil contributed most to Iowa’s GSP increases. In Missouri, GSP imports increased by 48 percent and savings from GSP by 17 percent compared to one year earlier. Engines from South Africa, auto parts from Turkey, and chemicals from India contributed most to Missouri’s GSP increases.

Imports from Kazakhstan jumped by 238 percent, led by increased imports of ferrochromium by companies in Ohio. GSP eliminated about $108,000 in import taxes on olive oil and nearly half of those imports went to New Jersey.

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