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 $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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On Oregon Primary Day, Watch Senator Wyden Talk About Need to Renew GSP

What better way to spend a few minutes on Oregon primary day than watching Senate Finance Committee Ranking Member Ron Wyden (D-OR) talk about the importance of GSP renewal?

In the clip below, Senator Wyden discusses how GSP is an “economic win-win” for developing countries and U.S. manufacturers, including GSP Supporter List company Stackhouse Athletic in Salem, Oregon.

For more recent info, below is our just-released 2015 GSP savings graphic for Oregon (all other state graphics here) and you can download our new 2015 Oregon state GSP report (all other state reports here).

GSP_Savings_2015_OR
Providing specific examples of constituents benefiting from GSP is one of the best ways to educate Members of Congress about the importance of the GSP program. This is particularly true with GSP’s current authorization set to expire at the end of 2017. If you are a GSP importer – in Oregon or anywhere else – please add your name to our free GSP supporter list so we can build support for uninterrupted GSP renewal early next year.

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The Importance of Renewing GSP

All week we’ve been discussing the importance of GSP for American jobs, families, manufacturing, and global development as part of the 5th Annual Imports Work week.

These benefits generally are recognized – when Congress last renewed GSP there were big bipartisan votes in both the Senate and the House – but the challenge has often been getting that vote. Failure to hold a vote in both the House and Senate caused U.S. companies to pay about $1.3 billion in unnecessary taxes between mid-2013 and mid-2015. As such, companies must re-double their efforts to show the importance of renewing GSP before it expires again on December 31, 2017.

As part of that, the Coalition for GSP today released new state-by-state reports on GSP imports, savings, and company benefits for 2015.

GSP_Utah_ExampleThe Coalition also created a new website section with shareable graphics. In addition to infographics with 2015 national GSP imports and 2016 monthly snapshots (updated as new data become available),the page also contains new state-specific infographics on 2015 savings for all 50 states.

GSP_Savings_2015_OH

We are also encouraging companies to continue signing on to our free GSP Supporter List. Stay tuned for more way to get involved and show the importance of imports, and GSP specifically, for America.

This post is part of the 5th Annual “Imports Work for America Week. For more information visit the Imports Work website.

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