As we noted last Friday, GSP expiration cost another $54 million in November. In total, expiration increased import taxes by more than $228 million from August to November, raising prices for companies in every state. Just how much varies greatly by state, as shown below.
California companies paid an estimated $34 million in new import taxes over those four months, so it’s not surprising that there are more companies on the GSP supporter list from California (57) than any other state. Importers in New Jersey and Texas each paid more than $20 million in higher taxes from August to November.
The average (previously) GSP-eligible import faces tariffs of 3.7%, but some importers in some states pay much more. Rhode Island importers faced the highest average tariffs (6.6%), followed by Idaho (6.0%), Oregon (5.5%), Kentucky (5.1%), and Utah (4.8%).