GSP Expiration Cost Importers Another $41 Million in February 2015

Based on data released last week, continued GSP expiration cost American importers another $41 million in February 2015. Despite a significant drop from typical monthly levels (likely on account of the West Coast Port slowdown), it was the most expensive month yet for companies in Iowa in terms of tariffs paid because of GSP expiration. At nearly $2 million a day in higher taxes, GSP expiration’s estimated cost through April 13, 2015 is $1,129,643,681. The map below shows the breakdown of imports and tariffs paid by state because of GSP expiration. Companies in California, New Jersey, and Texas have paid the most because of GSP expiration, yet even importers in small states like Hawaii and Rhode Island have paid millions of dollars to date. A retroactive GSP renewal would refund taxes paid to companies in every state. Many of the companies that would benefit are among the nearly 700 companies and associations urging Congress to renew GSP. If you’re not already on the list, please take a moment to add your name here.