Congress’ failure to extend GSP beyond December 31 means U.S. companies must now pay tariffs on previously GSP-eligible, duty-free imports. It is estimated that expiration will cost American companies $2.5-$3.0 million in extra taxes for each day GSP remains expired. It is critical that importers continue claiming GSP for eligible products de...
Continue readingIn the first 10 months of 2017, GSP saved American companies $701 million in eliminated taxes. That is about $100 million more, or $10 million per month, than the same period in 2016. Savings for July-October also don’t reflect program changes that could add another $5-10 million per month once data are revised. Year-to-date GSP...
Continue readingA new survey this week asked how companies would respond in the first 3 months of 2018 if GSP expires after December 31. A few dozen companies already responded and the results are a bit surprising at first glance. (If you haven’t taken it yet, please take a moment to do so here.) Delaying planned...
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