Based on data released last week, continued GSP expiration cost American importers another $54 million in January 2015. For both Arizona and West Virginia, it was the most costly month to date in terms of tariffs paid to date.
The cost of tariffs paid because of expiration exceeded $1 billion in January. At $150 million through 18 months, California importers paid the most because of GSP expiration. Companies in New Jersey paid more than $91 million, while companies in Texas paid $87 million and those in New York paid $71 million. In total, companies in 44 states plus Puerto Rico paid more than $1 million because GSP remained expired.
The list of companies and associations urging Congress to renew GSP has grown to nearly 700. If you’re not already on the list, please take a moment to add your name here.