And the Magic Number is…689
That’s how many millions of dollars GSP saved importers in 2010. Actually, our estimates say $688,834,642, but the rounded figure is close enough. Thailand edged out India as the country responsible for the most GSP savings: $148.43 million for Thailand compared to $148.39 million for India. In 3rd place was Indonesia, whose...
Continue readingGSP Imports in 2010 Up 11% – Thailand Becomes Top GSP Supplier Country
The U.S. Census Bureau released the full-year 2010 trade data today, so we wanted to provide a few highlights: -Imports under GSP in 2010 totaled $22.6 billion, up from $20.2 billion in 2009, but still well below their 2008 peak of $31.2 billion -Thailand was the top GSP supplier country with $3.6 billion, followed by...
Continue readingTexas’ Oil & Gas Industries Could See Prices Go Up Because of GSP Expiration
Socotherm LaBarge, a joint venture formed in 2007 between (Argentinian) Socotherm Americas and (American) LaBarge Coating, provides custom coating for steel pipes used by the energy industry. The company’s state-of-the-art facility in Channelview, Texas can handle pipes up to 4′ in diameter and 83′ long – while its pri...
Continue readingU.S. Trade Representative Ron Kirk Asks Congress to Renew GSP
This morning, Ambassador Ron Kirk, the U.S. Trade Representative, called on Congress to renew GSP program. As part of his opening remarks this morning at a House Ways and Means Committee hearing on the Obama administration’s overall trade agenda, Kirk stated: Congress should also keep faith with the world’s poor and create America...
Continue readingRenew GSP and Your Car Could Smell Better for Less!
Signature Products Group, or SPG, is based in Salt Lake City, Utah. The company manufactures and distributes “signature” accessories for cars and trucks under several well-known outdoor brands, such as Ducks Limited, Smith & Wesson, and Mossy Oak. Recently, the MountainWest Capital Network named SPG the 6th fastest growi...
Continue readingGSP Expiration Increases Costs for Replacement Tractor Parts
Reliance Parts Corporation supplies new and remanufactured parts for John Deere and other types of heavy-duty diesel engines. Headquartered in Minden, Nevada, Reliance’s 62,000 square foot facility hosts its sales, marketing, purchasing, and materials management functions, in addition to its largest selection of parts. Reliance al...
Continue readingGSP Expiration Increases the Cost of Materials in High-Demand Industries
Penn Pac, a small business in Manheim, Pennsylvania, provides slitting, warehousing, and distribution services for companies in need of packaging film. Penn Pac imports polypropylene sheets from suppliers in Brazil, including Vitopel and POLO Films. By collaborating with plastics suppliers, converters, and the end-users, Penn Pac helps reduce...
Continue readingMore on GSP/Sessions from Scott Lincicome
Scott Lincicome’s blog had a good post yesterday on how GSP’s expiration runs counter to Senator Sessions’ desire to lower taxes on U.S. businesses. He even references one of the earlier Renew GSP Today posts. Definitely worth a quick read.
Continue readingAnother Editorial (WSJ) on GSP Expiration and Congress
Following yesterday’s piece in the New York Times, the Wall Street Journal published an editorial today called Fair Trade for One (note: we updated the link to a non-gated version, although this may change). The article focuses primarily on Senator Jeff Sessions’ decision to hold up GSP renewal to benefit a company in Alabama, whi...
Continue readingNew York Times Editorial on Congress, GSP Renewal
Today’s New York Times ran an editorial called No Way to Run a Trade Policy. The article describes the current battle over the pending expiration of the Andean trade preferences and the TAA program and highlights GSP’s expiration last December. In short, it argues that: Lawmakers need to look beyond their noses and extend al...
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