NEW SURVEY: What happens if GSP expires?
GSP is scheduled to expire on December 31, but Congress currently plans to adjourn by December 22. That means failure to renew GSP in the next 2 weeks likely results in an expiration that – if recent history is an example – could last years. As we continue advocating for GSP renewal, we want to...
Continue readingGSP Saved American Companies $82 Million in October 2017
High GSP savings levels continued in October: GSP saved American companies $82 million on about $2.0 billion in imports – more than any other month all the way back to October 2006. GSP imports were up by 22 percent – and tariffs savings were up by 28 percent – compared to October 2016. Year-to-date savings...
Continue readingState-by-State Breakdown of $619 Million in GSP Savings Through September 2017
In the first nine months of 2017, GSP saved American companies $619 million in eliminated tariffs. Year-to-date GSP savings through September exceeded $1 million for 39 states plus Puerto Rico. The map below shows the overall value of year-to-date 2017 GSP imports (in blue) and tax savings (in red) by state.
Continue reading351 Companies and Associations Send Letter Urging Congress to Renew GSP
On November 14, more than 350 American companies and associations sent a letter to leaders of the House Ways and Means and Senate Finance Committees urging extension of the GSP program. GSP’s current authorization expires on December 31, and companies will be forced to pay over $2 million per day in extra taxes if Congress...
Continue readingNEW SURVEY: How does GSP renewal uncertainty impact your company?
If Congress fails to pass legislation renewing GSP in the next 2 months, benefits will lapse and import taxes will go up. It is now past the point where basically all GSP importers are placing orders for 2018, so we created a new survey to collect information about how the uncertainty is impacting decisions today....
Continue readingGSP Saved American Companies $72 Million in September 2017
High GSP savings levels continued in September: GSP saved American companies $72 million on about $1.7 billion in imports. GSP imports were up by 15 percent – and tariffs savings were up by 19 percent – compared to September 2016. Year-to-date savings from GSP are up $83 million, or about $9.3 million per month, over...
Continue reading15 New Companies Join the GSP Supporter List
After the latest Supporter List update this morning, there are now 290 American companies and associations calling on Congress to renew GSP. Since GSP was reinstated in July 2015, it has saved American nearly companies $1.6 billion in reduced taxes, including $547 million in the first 8 months of 2017. Who benefits the most from...
Continue reading38 House Members Send Letter Urging GSP Renewal
Representatives Ralph Norman (SC-5), Jim Himes (CT-4), and 36 other Members sent a letter to leaders of the House Ways and Means Committee today in support of GSP renewal. The bipartisan letter, which included 17 Republicans and 21 Democrats from 20 states, urged the Committee “to advance a long-term GSP extension as quickly as possible.&rdqu...
Continue readingState-by-State Breakdown of $547 Million in GSP Savings Through August 2017
In the first eight months of 2017, GSP saved American companies $547 million in eliminated tariffs. Year-to-date GSP savings through July exceeded $1 million for 39 states plus Puerto Rico. The map below shows the overall value of year-to-date 2017 GSP imports (in blue) and tax savings (in red) by state.
Continue readingGSP Saved American Companies $75 Million in August 2017
In August, the GSP program saved American companies $75 million on about $1.8 billion in imports. Those figures are notable for several reasons: That is the highest reported monthly savings since October 2008. GSP imports were up by 17 percent – and tariffs savings were up by 21 percent – compared to August 2016. Year-to-date...
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