GSP saved American companies $74 million in November
GSP saved American companies $74 million in November. GSP saved American companies $962 million in the first 11 months of 2019 compared to $950 million in the same period in 2018. GSP savings in November 2019 declined by about $17 million (-19%) from November 2018. It marked the sixth month in a row that year-over-year...
Continue readingGSP saved American companies $91 million in October
GSP saved American companies $91 million in October, about $15 million less (-15%) from October 2018. It marked the fifth month in a row that year-over-year savings declined. Before June 2019, year-over-year GSP savings rose in 37 straight months. Savings declines were due wholly to terminated GSP for India and Turkey. Lost GSP for India...
Continue readingGSP saved American companies $80 million in September
GSP saved American companies $80 million in September, about $10 million less (-11%) from September 2018. It marked the fourth month in a row that year-over-year savings declined, due wholly to terminated GSP for India and Turkey. Despite lost GSP for those two key supplier countries, GSP saved American companies $797 million in the first...
Continue readingLost GSP for India cost American companies $30 million in July
Costs to American companies from the Administration’s decision to terminate India’s GSP eligibility continue to grow. In July alone, US importers paid an estimated $30.4 million in new tariffs (previously) duty-free imports from India. Lost GSP is hurting companies like Warehouse Associates, which canceled plans to create new US manufac...
Continue reading44 House Members Send Bipartisan Letter to USTR Expressing “Strong Desire” to Reinstate GSP for India as Part of Trade Deal
A bipartisan group of 44 House members sent a letter to U.S. Trade Representative Robert Lighthizer today expressing their “strong desire to see GSP eligibility for India reinstated.” The United States terminated India’s eligibility under the Generalized System of Preferences (GSP) on June 5. The letter was led by Congressmen Jim ...
Continue readingGSP saved American companies $72 million in July
GSP saved American companies $72 million in June, about $17 million less (-19%) from July 2018. It marked the second month in a row that year-over-year savings due to terminated GSP for India and Turkey. In the first seven months of 2019, GSP saved American companies $628 million. Lost GSP for India cost American companies...
Continue readingTerminating GSP for Turkey cost American companies over $10 million through June
Costs are rising for American companies that have depended for decades on GSP benefits for key supplier countries. American companies paid over $10 million in new tariffs through June to the Administration’s choice to terminate GSP for Turkey. That is on top of the $25 million in tariffs paid in June on previously GSP-eligible products...
Continue readingTerminating GSP for India cost American companies $25 million in June
Yesterday we wrote that GSP savings plummeted to $66 million in June. GSP savings fell by the most since the 2008-2009 financial crisis. But while external forces caused the last big drop, this one stemmed from the Administration’s choice to make American companies tariffs on previously duty-free imports from India (and Turkey). The price tag...
Continue readingGSP savings plummet to $66 million in June
GSP saved American companies $66 million in June, about $39 million less than in May and $15 million less (-18%) from June 2018. The June declines reflect the first full month without GSP eligibility for imports from Turkey and first (mostly) full month without GSP for India. In the first six months of 2019, GSP...
Continue reading2018 GSP Savings by State
GSP saved American companies over $1.03 billion in 2018, smashing the previous high of $894 million set in 2017. GSP benefited companies in every state – and GSP savings exceeding $1 million for 41 states plus Puerto Rico. The map below shows the overall value of 2018 GSP imports (in blue) and tax savings (in...
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