GSP benefits kick back in in just a few days, but it will be a while until we know the full cost of tariffs paid by American companies due to expiration. According to the latest available data, American companies paid $67 million in extra taxes because Congress failed to renew GSP last year. In the...
Continue readingGSP benefits aren’t back into effect yet but there already are new threats to GSP importers: more than $1 billion of 2017 imports that will be eligible when GSP is reinstated could lose benefits as part of the 2017/2018 Annual Review. As announced in a recent Federal Register notice, companies must submit petitions to retain...
Continue readingCBP recently updated its GSP page to reflect renewal in the last month’s omnibus spending bill. According to CBP, GSP duty-free benefits will officially “restart” on April 22. Products that claimed GSP during the lapse will be eligible for automatic refunds. CBP will begin that process shortly after April 22. Duties will be refund...
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