We recently posted that GSP savings shattered previous records in October and that growth was strongest for products where the Trump administration has imposed new 10-25% tariffs on imports from China. One very clear example: Christmas lights, whose imports from China became subject to a 10% tariff on September 24. For September/October, GSP import...
Continue readingGSP benefits resumed a week and a half ago and importers must no longer pay tariffs on GSP-eligible goods. Yet it may be a while before tariffs are fully refunded. The map below shows the overall value of GSP imports (in blue) and tax costs due to expiration (in red) by state during the first...
Continue readingIn July 2017, the GSP program saved American companies $73 million on about $1.8 billion in imports. GSP imports were up by 18 percent – and tariffs savings were up by 23 percent – compared to July 2016. (NOTE: that likely understates savings, as U.S. government data show no claimed GSP benefits for imports of...
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