About 90 companies have responded to our GSP Expiration Poll. If your company is impacted and you haven’t responded yet, please do so at the link above! We’ll compile a formal report after we get some more responses, but a couple quick takeaways from the answers to date:
- Retroactive vs. Prospective Renewal – the overwhelming majority prefer a retroactive renewal of GSP (87 percent).
- Company Size – most GSP importers are small businesses of less than 100 employees (83 percent) with the single largest group being very small companies of less than 10 employees (44 percent).
- Tariffs Collected – these responses show the most varied range: the most popular responses were the maximum value of “more than $500,000” (24 percent) and the minimum value of “less than $5,000” (21 percent).
- Revenue Share from GSP Imports – not surprisingly, companies most dependent on GSP imports were the most likely to respond: the top choice was “more than 75 percent,” followed by “50 – 75 percent,” and then by “25 – 50 percent.” Approximately two-thirds of respondents reported that GSP imports make up for more than 25 percent of their total revenues.
Our next post will include more of the “additional comments” that help show, beyond just the numbers, the personal impact of GSP expiration.