Chicago-based Golden Country imports over 4,000 different food products from Asia, Africa, and the Caribbean. GSP has allowed Golden Country to continue serving the tremendous growth in demand for international food products while keeping costs low.
When GSP expired in 2013, Golden Country raised prices to reflect the new tariffs and saw sales drop as a result. It froze hiring – and couldn’t replace employees that left – and help off on updates to its Chicago facilities. Ultimately, the small business paid over $1 million in unnecessary tariffs while waiting for Congress to renew GSP.
GSP renewal allowed Golden Country to invest in both its people and facilities: Golden Country was able to give its employees raises and purchase new warehouse equipment and trucks. GSP eliminated about $400,000 in tariffs on Golden Country’s imports in the first year after renewal – savings that could be passed along to consumers.