Yesterday we published new data showing state-by-state GSP tariff savings for the first half of 2020, and how savings changed from the first half of 2019. As noted, there have been widespread declines, but NOT resulting from the Covid-19 pandemic, as many might assume. Instead, declines stem primarily from GSP country suspensions, which cost Americ...
Continue readingIn 2019, GSP saved American companies $1.035 billion in eliminated tariffs, including $24 million on Covid-related products. The graphic below highlights the variety of products imported under GSP last year. In a major shift from 2018, consumer goods were the largest category of GSP imports by both value ($6.6 billion) and savings ($512 million). C...
Continue readingGSP eliminated over $24 million in tariffs in 2019 on products directly related to Covid-19 response. Congress should renew GSP immediately to ensure continued GSP duty-free treatment for these critical products and provide certainty for American companies that are already struggling due to the coronavirus pandemic. GSP’s current authorizatio...
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