On June 16, over 220 U.S. companies and association sent a letter to the Chairmen and Ranking Members of the House Ways and Means and Senate Finance Committees urging swift renewal Generalized System of Preferences (GSP) program. The current GSP authorization expires on December 31, 2020. The 201 companies that signed, primarily small businesses, a...
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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