GSP expiration cost American companies $77 million in extra taxes in January. The “potential” savings – assuming they are eventually refunded – are over $13 million (21%) higher than savings in January 2017. Put differently, GSP usage has taken off and the pain of expiration will be worse than years past. The map below shows...
Continue readingNew trade data for January came out yesterday and the numbers aren’t pretty: American companies paid $77 million in extra taxes because Congress failed to renew GSP last year. By comparison, the most tariffs paid in a single month during the last 2-year expiration was “just” $61 million. So the stakes for a swift, retroactive...
Continue readingIn the last month before GSP expired on December 31, it saved American companies $79 million on about $1.8 billion in imports. GSP imports were up by 17 percent – and tariffs savings were up by 29 percent – compared to December 2016. Total 2017 savings from GSP increased at least $136 million over 2016....
Continue reading