In the first 11 months of 2017, GSP saved American companies $785 million in eliminated taxes. That is about $118 million, or nearly $11 million per month, more than the first 11 months of 2016. Savings for July-October also don’t reflect program changes adding benefits for travel goods that could add another $5-10 million per month once data are revised.
Year-to-date GSP savings through October exceeded $1 million for 40 states plus Puerto Rico. Despite incomplete data and expected upward revisions, more than half of U.S. states have already exceeded full-year 2016 savings.
The map below shows the overall value of year-to-date 2017 GSP imports (in blue) and tax savings (in red) by state.
This map will be updated monthly as new trade data become available and the most up-to-date version will be available at all times on our Graphics page. These posts highlight select states, products, and countries contributing to increases in January, February, March, April, May, June, July, August, September, October, and November.
*** REMINDER: GSP EXPIRED EFFECTIVE JANUARY 1.***
Please see our expiration post on what to do now to expedite any potential refund process and help renew GSP swiftly.
