GSP saved American companies over $1.03 billion in 2018, smashing the previous high of $894 million set in 2017. GSP benefited companies in every state – and GSP savings exceeding $1 million for 41 states plus Puerto Rico. The map below shows the overall value of 2018 GSP imports (in blue) and tax savings (in...
Continue readingLast night, President Trump signed a presidential proclamation terminating GSP for Turkey. The decision took effect immediately (May 17), following the March 4 notification of intent to terminate after at least 60 days. That 60-day minimum period ends on May 4. “We know who this will hurt – small but growing American businesses that dep...
Continue readingEvidence continues to grow that the nearly year-long trade war is pushing companies to source more from GSP countries such as India, Thailand, Cambodia, Indonesia, and Turkey. The May 10 increase in tariffs on $200 billion in imports from China – and announcement that new tariffs on the remaining $300 billion in imports could come...
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