GSP saved American companies a record $1.03 billion in 2018, smashing the previous high of $894 million set in 2017. Since Congress renewed GSP in 2015 following a multi-year lapse, annual GSP savings for American companies have increased by more than $350 million. Despite overwhelming congressional support for GSP renewal in 2018, the Trump...
Continue readingGSP 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 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 reading