GSP saved American companies $97 million in January. The savings increased by nearly $20 million from January 2018, and were about $11 million higher than average monthly savings in 2018 – already a record-shattering year. As recently as 2014/2015, GSP savings averaged just $56 million per month. But they have grown rapidly in recent years following a couple multi-year Congressional renewals starting in 2015.
Yet now-higher savings could soon mean higher taxes: USTR’s announced intent to terminate GSP for India and Turkey, which accounted for $30 million of the $97 million in savings. Other countries under review (e.g., Thailand, Indonesia) accounted for another $30 million.
Would your company be hurt by loss of GSP for India, Turkey, or others? If so, please answer our termination impact survey and add your name to our free GSP supporter list.
