According to new research from the Coalition for GSP, expiration of the Generalized System of Preferences (GSP) program cost American companies at least $85 million in July 2021. Congressional authorization for GSP expired on December 31, 2020. From January-July 2021, American companies paid at least $565 million in extra taxes as a result of GSP.....
Continue readingBryan Riley of the National Taxpayers Union recently wrote about how “tariffs impose a hidden tax on families and increase the price of many goods students may need as they return to the classroom.” NTU created the infographic below to show just how high average tariffs on many everyday products were in 2020. While GSP...
Continue readingNew data show that imports from China increased 62x more than GSP imports in the first half of 2021. Triad Magnetics in Perris, California helps explain the trend: GSP expiration has already cost the company $200,000 in extra tariffs, leading to reduced orders from the Philippines and increased orders from China. Triad Magnetics manufactures transf...
Continue reading