In the first seven months of 2016, GSP saved American companies about $410 million in eliminated tariffs. New Hampshire joined the list of states for which GSP eliminated at least $1 million in tariffs on imports, bringing the total to 37 states (plus Puerto Rico), and Hawaii is knocking on the door with an estimated $996,000 in waived tariffs.
The map below shows the overall GSP imports and savings by state from January to July.
Companies in California continued to lead the way with $65 million in tax savings. Imports into New Jersey, Texas, and New York all faced $30-$35 million less in taxes because of GSP, while imports into Florida, Illinois, and Georgia all faced $20-$25 million less in taxes because of GSP. This map will be updated monthly as new trade data become available and the most up-to-date version will be available at all times on our Graphics page.
These posts highlight some of the individual states, products, and countries with the biggest increases in January, February, March, April, May, June, and July.
And if you’re one of the companies benefiting from GSP renewal, be sure to answer our renewal impact survey here. You can see examples from companies that already answered the survey here, here, here, and here.