GSP saved American companies $65 million in July, bringing year-to-date savings in 2020 to $472 million. GSP benefits companies in every state – the map below shows the overall value of January-July 2020 GSP imports (in blue) and tax savings (in red) by state – yet is scheduled to expire on December 31. Companies and...
Continue readingAt yesterday’s House Ways and Means Trade Subcommittee hearing on Caribbean Basin preferences (i.e., CBTPA), several Members used the opportunity to support swift GSP renewal as well. CBTPA expires on September 30. In his opening statement, Ranking Member Vern Buchanan (R-FL) cited Coalition for GSP data, saying “Americans saved more th...
Continue readingIn late April, the United States suspended duty-free treatment for about 1/3 of Thailand’s imports under GSP. Lost GSP for Thailand cost importers up to $17 million in extra taxes from May to July; another burden for American GSP importers hurt by the Covid-19 pandemic and recession. New data suggests cloth face masks are the...
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