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.