According to new data released last week, American companies “claimed” GSP for about $1.45 billion worth of imported products in February. Typically, those products would not face import tariffs because of GSP, whereas those same products imported from a non-GSP country like China would face $48.2 million in import taxes. Since Congress...
Continue readingWhen February 14 rolls around every year, very few people think about expired trade programs. But perhaps they should. In particular, Members of Congress should take a moment to realize how allowing programs like GSP to remain expired can increase costs on what should be one of the sweetest days of the year. Don’t get...
Continue readingAccording to new data released last week, American companies imported $18.5 billion worth of GSP-eligible products in 2013. GSP should have reduced taxes on those companies by nearly $700 million. Instead, companies had to pay about $280 million in higher taxes because Congress allowed GSP to expire on July 31. TRInternational, Inc. (TRI), a global...
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