Based on data released this week, continued GSP expiration cost American importers another $58 million in August 2014. For a number of states – Georgia, Kansas, Michigan, Missouri, New Hampshire, Wisconsin, and Wyoming – August 2014 was the most costly month to date in terms of tariffs paid. (Depressing that we now must use the...
Continue readingMany people think imports are bad because they take business away from U.S. producers. Yet the reality is that many goods imported into the United States are used by American companies to manufacture, grow, or otherwise “make stuff” in the United States. This is certainly true for products imported duty-free under the Generalized System...
Continue readingThe Generalized System of Preferences (GSP) program eliminates U.S. tariffs (i.e., taxes) on certain imports from developing countries. GSP imports in 2011 totaled $18.5 billion and the program saved American companies more than $700 million. GSP saved Wyoming companies an estimated $84,000 in 2011. Wyoming companies imported an estimated $2.6 mill...
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