GSP saved American companies $79 million in September, the most since March as imports continue to recover from the Covid-19 pandemic and recession. In the first 9 months of 2020, GSP saved American companies $630 million. GSP is on track to save between $850 million and $900 million in 2020, down from 2018/2019 due to country suspensions but still up significantly from savings in previous years.
GSP benefits companies in every state – the map below shows the overall value of January-September 2020 GSP imports (in blue) and tax savings (in red) by state.
Yet GSP is scheduled to expire on December 31, 2020. Companies and workers around the country need Congress to pass legislation reauthorizing GSP to avoid millions of dollars in new taxes per day in 2021. Because we know what happens when GSP expires: American companies lost sales, laid off workers, and canceled R&D and other job-creating expansions.
Companies that import under GSP and want Congress to renew it before December 31 can take any/all of the following steps to help advocate for renewal:
- use our Contact Congress tool to email Senators/Representatives about the importance of GSP renewal
- add your name to our free GSP supporter list
- answer our Covid-19 and/or GSP country suspensions impact surveys
- submit a video on why Congress must renew GSP
- follow the Coalition for GSP on Twitter and amplify our GSP renewal efforts
