This morning, the Washington Post’s Wonkblog featured a post on the impacts of GSP expiration. The article highlights two very points.
First, even if tariffs are refunded retroactively, expiration creates a serious financial burden for small businesses that cannot afford to pay higher taxes for an undetermined amount of time.
Second, the uncertainty created by frequent expirations and retroactive renewals reduces program usage over the long run (they used this graph to demonstrate the impacts), to the detriment of both American importers and the developing countries that GSP was created to help.
The article mentioned the number of companies on our free GSP Supporter List. Clearly, the more companies on the list, the stronger the case for Congress to renew GSP when it returns to DC in August, so be sure to add your name here if you’re not already on the list.