TRInternational (TRI), based in Seattle, Washington, imports over 3 million pounds of eligible chemical products annually from Brazil, Thailand, and Turkey. These are raw materials that in turn are sold primarily to American manufacturers.
As we wrote previously, TRI has made the Puget Sound Business Journal’s “Top 100 Fastest Growing Private Businesses in Washington State” list on three separate occasions in the 20 years it has been in business. Yet the additional $100,000 in higher taxes because of GSP expiration has forced TRI to defer 1-2 new hires and scale back investments in IT infrastructure to “maintenance” levels.
What would TRI do if GSP is renewed retroactively? According to its response to our new survey launched last week, the company would:
- accelerate capital projects that were previously deferred;
- implement discretionary employee bonuses, and
- make at least 1 new hire in inside sales to promote the GSP-eligible products.
You can see how GSP expiration is impacting other companies here and here and here and here. If you have not done so already, please take a minute to answer the survey by Friday, August 29 (so that we can publish a full report when Congress returns to DC on September 8). As always, all data will be kept confidential and no company-specific answers will be attributed without explicit permission (which TRI gave).