This afternoon, President Trump signed the omnibus spending bill that includes the GSP renewal language passed by the House in February. The bill: renews GSP through December 31, 2020; refunds tariffs paid from January 1 through the reinstatement date; changes the annual review announcement date from July 1 to November 1; updates some dates related...
Continue readingGSP expiration cost American companies $77 million in extra taxes in January. The “potential” savings – assuming they are eventually refunded – are over $13 million (21%) higher than savings in January 2017. Put differently, GSP usage has taken off and the pain of expiration will be worse than years past. The map below shows...
Continue readingLast week, the House overwhelming approved GSP renewal legislation (HR 4979) but a vote of 400-2. The statements in support of GSP renewal were as strong as the final vote. Several Members highlighted how GSP savings can help companies lower costs, hire workers, and invest in their businesses and employees: Ways and Means Chairman Kevin...
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