New data out this afternoon showed that American companies paid an estimated $62 million in new taxes on $1.6 billion worth of previously GSP-eligible imports in March. For the first three months of the years, U.S. importers paid a total of $162 million in tariffs on $4.4 billion worth of imports because of GSP expiration. Both the tariffs paid and the value of goods attempting to claim GSP preferences in March were the highest to date this year.
Companies importing from Thailand and India continue to pay the most, with about $35.7 million in tariffs collected on goods from each of those countries. Top products imported include jewelry, tires, raw materials for steel manufacturing, plywood, and ethnic foods.
While the national figures are certainly eye catching, key Congressional staff continue to ask for company-level information. You can help by taking 30 seconds to fill out our poll on the expiration costs for your company. Each new response provides a little more ammo to our friends working on GSP renewal legislation.