According to new data released this week, GSP expiration cost American importers another $56.9 million in higher import taxes in March on $1.6 billion in GSP-claimed imports. That brings the total tariffs paid because of expiration to $441 million from August 1 to March 31. Since GSP has been expired for an additional 6 weeks and costs about $1.8 million per day, the actual tariffs paid to date are likely around $510 million. Half a billion dollars out-of-pocket because only 99 Senators supported the bill!
From August to March, imports destined for California faced more than $66 million in higher taxes. New Jersey ($41.4 million), Texas ($38.1 million), New York ($32.9 million), and Illinois ($24.9 million) round out the top five states paying the most new taxes during that time.
About three-quarters of the taxes paid from August to March were on imports from five countries: India ($117.2 million), Thailand ($83.0 million); Indonesia ($48.2 million); Brazil ($47.4 million), and the Philippines ($35.7 million).