Like the jobs debate, many people assume that if exports are goods for US manufacturers, imports must be bad. When it comes to GSP, nothing could further from the truth. Raw materials, components, and parts have accounted for more than 70 percent of GSP imports since the program expired. Though industrial tariffs tend to be...
Continue readingIn this morning’s House Ways and Means mark up of the trade preferences bill, Representative Charles Boustany (R-LA) spoke about the importance of renewing GSP for companies in the United States, Louisiana, and his 3rd District. In particular, he highlighted the impacts of expiration on K2 Coolers in New Iberia (clip below). K2 Coolers is...
Continue readingAs we posted the other day, GSP expiration cost American companies $55 million in new taxes in November 2014, bringing the total taxes paid from August 2013 to November 2014. With GSP expiration, it’s not the case that just a few areas are impacted. Companies in every state are paying higher taxes, as shown on...
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