In the first nine months of 2017, GSP saved American companies $619 million in eliminated tariffs. Year-to-date GSP savings through September exceeded $1 million for 39 states plus Puerto Rico. The map below shows the overall value of year-to-date 2017 GSP imports (in blue) and tax savings (in red) by state.
Continue readingOn November 14, more than 350 American companies and associations sent a letter to leaders of the House Ways and Means and Senate Finance Committees urging extension of the GSP program. GSP’s current authorization expires on December 31, and companies will be forced to pay over $2 million per day in extra taxes if Congress...
Continue readingIf Congress fails to pass legislation renewing GSP in the next 2 months, benefits will lapse and import taxes will go up. It is now past the point where basically all GSP importers are placing orders for 2018, so we created a new survey to collect information about how the uncertainty is impacting decisions today....
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