Brian Miles from chemical distributor I. Stern & Co. in Clark, New Jersey doesn’t believe it can “sustain all of our salespeople if we are put into an uncompetitive price situation caused by the additional duty costs for our raw materials.” Thomas Snyder of Warehouse Associates in Indianapolis, Indiana, which supplies componen...
Continue readingCongress’ failure to extend GSP beyond December 31 means U.S. companies must now pay tariffs on previously GSP-eligible, duty-free imports. It is estimated that expiration will cost American companies $2.5-$3.0 million in extra taxes for each day GSP remains expired. It is critical that importers continue claiming GSP for eligible products de...
Continue readingIn the first 10 months of 2017, GSP saved American companies $701 million in eliminated taxes. That is about $100 million more, or $10 million per month, than the same period in 2016. Savings for July-October also don’t reflect program changes that could add another $5-10 million per month once data are revised. Year-to-date GSP...
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