GSP expiration costs (another) NJ small business $50,000; delays sales expansion
Today we heard from Fast-Pak Trading, one of the nearly 400 GSP supporter list organizations advocating for swift, retroactive GSP renewal. (Use these links to see the full list or add your organization.) Based in Secaucus, New Jersey, Fast-Pak has 11 employees and imports food products from Macedonia under GSP. Its products are sold in...
Continue readingNew GSP supporters: as diverse as the products they import
Since GSP expired on December 31, nearly 50 companies and associations have added their names to our GSP supporter list. Like those organizations already on the list, the new supporters show the incredible diversity of companies and industries benefiting from the GSP program. Or, conversely, harmed by GSP expiration. For example, the companies: Emp...
Continue readingGSP expiration costs NJ small business $15,000; hiring plans put on hold
This morning we received an email from Halsted Corporation, one of the nearly 400 GSP supporter list organizations advocating for swift, retroactive GSP renewal. (Use these links to see the full list or add your organization.) Halsted has 30 employees and has paid $15,000 in extra tariffs since GSP expired a few weeks back. Nationally,...
Continue readingHow is GSP expiration impacting your company?
GSP expired on December 31. While renewal has bipartisan support in Congress and backing from the Administration, it doesn’t guarantee swift renewal: that was true during GSP’s last year expiration too. Already, companies have paid an estimated $50-$60 million and will pay several million more every day until Congress renews GSP and the...
Continue readingState-by-State Breakdown of $785 Million in GSP Savings Through November 2017
In the first 11 months of 2017, GSP saved American companies $785 million in eliminated taxes. That is about $118 million, or nearly $11 million per month, more than the first 11 months of 2016. Savings for July-October also don’t reflect program changes adding benefits for travel goods that could add another $5-10 million per...
Continue readingGSP Saved American Companies $84 Million in November 2017
GSP expired on December 31, but new data available show GSP imports continued to climb toward the end of last year. In November, GSP saved American companies $84 million on about $2.0 billion in imports – once again exceeding any single month all the way back to October 2006. GSP imports were up by 14...
Continue readingNearly 400 American Organizations Send Letter Urging Congressional Leaders to Pass Swift, Retroactive GSP Renewal
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 readingGSP Expired: What To Do Now
Congress’ 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 readingState-by-State Breakdown of $701 Million in GSP Savings Through October 2017
In 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...
Continue readingGSP expiration survey response: “We dread the same situation arising again.”
A new survey this week asked how companies would respond in the first 3 months of 2018 if GSP expires after December 31. A few dozen companies already responded and the results are a bit surprising at first glance. (If you haven’t taken it yet, please take a moment to do so here.) Delaying planned...
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