According to new data released this week, GSP expiration cost American importers another $56.9 million in higher import taxes in March on $1.6 billion in GSP-claimed imports. That brings the total tariffs paid because of expiration to $441 million from August 1 to March 31. Since GSP has been expired for an additional 6 weeks...
Continue readingWhile American companies have come to rely on the Generalized System of Preferences (GSP) program to lower costs for key imports, the original intent was to promote economic growth in developing countries around the world. Instead of traditional means to stimulate growth, such as providing direct foreign aid, GSP created an incentive for U.S. compa...
Continue readingThink products that are imported into the United States free of tariffs (taxes) under the U.S. Generalized System of Preferences (GSP) program don’t matter to you? Think again. Previously, we’ve shown some of the products found around the house that people (and their pets) use every day. But that’s just the beginning: here’s...
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