What is GSP? The Generalized System of Preferences, or GSP for short, is trade program that reduces taxes on imports of non-sensitive products from certain developing countries.
Why is GSP important? Those reduced taxes add up: GSP saved American companies over $1 billion in 2018. Congress renewed the GSP program through December 31, 2020, yet the Trump Administration could take actions effectively gutting the GSP program before it comes up again for congressional reauthorization.
What benefits are at risk? The President terminated GSP eligibility for Turkey in May and India in June (though negotiations have continued related to potential reinstatement for India). Announcements could come at any time on pending reviews for countries such as Thailand and Indonesia. In total, countries that have lost GSP – or could – accounted for 63% of the $1+ billion in 2018 GSP savings.
What is the GSP supporter list? The GSP supporter list is a group of American companies and associations, large and small, that have joined together to show the importance of the GSP program for American business. If you import under GSP and are not on the list, please click here to add your name for free.
GSP Supporter List Companies by Congressional District
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Want to add your name to the list? You can add your name for free here:Add Your Name!