GSP saved American companies over $1.03 billion in 2018, smashing the previous high of $894 million set in 2017. GSP benefited companies in every state – and GSP savings exceeding $1 million for 41 states plus Puerto Rico.
The map below shows the overall value of 2018 GSP imports (in blue) and tax savings (in red) by state.
Increased GSP savings were both large and widespread:
- California saw savings increase by over $50 million (+36%), while New Jersey saw GSP savings jump by about $27 million (+42%).
- Maine‘s savings more than tripled – from about $500,000 in 2017 to nearly $1.6 million in 2018. Savings growth also was very high in Missouri (+59%), North Dakota (+54%), Kentucky (+34%), Delaware (+33%), and South Carolina (+30%).
However, recent decisions to terminate GSP eligibility for Turkey and India mean many of the American companies previously saving money due to GSP now face extra import taxes. Several dozen companies impacted by the decisions were profiled in the Coalition for GSP’s April report: How GSP Termination Would Hurt American Businesses & Workers.
