The 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 North Dakota companies an estimated $785,000 in 2011. North Dakota companies imported an estimate...
Continue readingContrary to popular belief, most products imported under GSP are not finished consumer goods – they are raw materials, components, and other industrial goods used by American manufacturers for domestic production. Ferroalloys, which are used to produce steel, have seen the biggest increase in “imports under GSP” in the beginning o...
Continue readingWe recently received this email from a small company in Georgia that designs, manufactures, and tests custom optical systems. Its customers range from amateur astronomers right on up to NASA and other government agencies. Here’s what the owner said about GSP expiration: We import zero expansion glass from Russia for use in telesco...
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