GSP expiration cost American companies $77 million in January 2018
New trade data for January came out yesterday and the numbers aren’t pretty: American companies paid $77 million in extra taxes because Congress failed to renew GSP last year. By comparison, the most tariffs paid in a single month during the last 2-year expiration was “just” $61 million. So the stakes for a swift, retroactive...
Continue readingGSP Saved American Companies $79 Million in December 2017
In the last month before GSP expired on December 31, it saved American companies $79 million on about $1.8 billion in imports. GSP imports were up by 17 percent – and tariffs savings were up by 29 percent – compared to December 2016. Total 2017 savings from GSP increased at least $136 million over 2016....
Continue readingMontana company lays off 3 employees due to GSP expiration
Last week, the House passed GSP renewal legislation by a vote of 400-2. Though Senate procedural rules make a stand-alone vote in the Senate unlikely, the expected result would be similar. (The last Senate vote was 97-1.) Despite overwhelming support in the House and Senate – and Administration support for a 3-year renewal – American...
Continue readingHouse Members express strong support for GSP renewal
Last 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...
Continue readingHouse passes GSP renewal bill by 400-2 vote
Tonight, the House passed legislation (H.R. 4979) to renew GSP by an overwhelming margin of 400-2. Details of the bill are available here. Dan Anthony, Executive Director of the Coalition for GSP, said the following on passage of H.R. 4979 by a vote of 400-2: “The Coalition for GSP applauds today’s overwhelming passage of legislation...
Continue readingNumerous business groups send letters supporting H.R. 4979
The House of Representatives will begin debate on bipartisan legislation (H.R. 4979) to renew GSP shortly. In addition to many individual companies, a number of national associations wrote letters supporting passage, including the: American Apparel & Footwear Association American Association of Exporters and Importers International Bottled Wate...
Continue readingGSP renewal bill on this week’s House “suspension calendar”
GSP renewal legislation (HR 4979) is officially on the House “suspension calendar” for tomorrow (Tuesday). If you’re a company and haven’t done so already, please use our VOTE YES on HR 4979 page to email your Representative(s)? Companies with multiple locations are encouraged to contact your Representative for each facility...
Continue readingGSP renewal legislation introduced; contacts to House Members needed ASAP
On February 8, leading House Republicans and Democrats on trade introduced bipartisan legislation to renew GSP (H.R. 4979). The House vote could come as early as Tuesday, February 13. We strongly encourage GSP importers to email their House members about voting YES on H.R. 4979 with our contact tool. [Note: link removed after House passage.]...
Continue readingGSP saved American companies over $865 million in 2017
GSP saved American companies $865 million in eliminated taxes. That is about $136 million, or nearly $13 million per month, more than 2016. Savings for July-October also don’t reflect program changes adding benefits for travel goods that could add another $5-10 million per month once data are revised. GSP savings exceeded $1 million for 41...
Continue readingTexas company loses biggest potential 2018 project due to GSP expiration
Earlier this week we heard from Custom Direct, Inc., yet another supporter list company urging Congress to pass a swift, retroactive GSP renewal. (Use these links to see the full list or add your organization.) Based in Plano, Texas, Custom Direct is a US supplier of luggage, bags and cases with 10 employees. The company works...
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