It has been exactly 22 months since Congress let GSP expire. American companies paid at least $1.9 billion in direct tariffs – and as much $2.4 billion – through August 2022. Tack on the two extra months for which data aren’t available yet, and Congress’ failure to renew GSP resulted in up to $2.6 billion...
Continue readingBased on an analysis of new U.S. Census Bureau data, American companies paid $107+ million in extra tariffs in July due to GSP expiration – and $1.8+ billion in new tariffs from January 2021 and July 2022. Tariff costs resulting from GSP expiration are up about 40% in 2022, from an average of $80 million/month...
Continue readingOn Friday, the National Taxpayers Union published data showing how Back To School Season Highlights High Cost of Import Taxes, including the great graphic below. Sadly, even those high tariffs are understated because they don’t account for the impacts of GSP expiration. NTU’s selected products faced at least $120 million in extra tariff...
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