Despite the best efforts of staff to reach a last-minute compromise, Senator Coburn will not release his hold on the GSP renewal bill. As such, GSP will expire tonight and companies will start paying an estimated $2 million per day in new import taxes. Since Congress adjourns on Friday and doesn’t come back until after Labor Day, these new payments will be significant.
The Coalition will continue to press for swift renewal. If you’re not yet on the free GSP Supporter List, be sure to add your name so we can show broad impacts of GSP imports – and now expiration.