A $330 million tax hike? American businesses need an extension.

Written on April 15, 2019 in USA

Tariffs are just another kind of tax. As many Americans scramble to finish up their taxes – and learn whether they’re due a refund (or something less pleasant) – there is another group of Americans for which May 4 may be a more important deadline: small businesses importing under GSP. These companies need an extension....

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Over 430 American Businesses and Associations Urge Congressional Leaders to Support Delay of GSP Withdrawal Citing Impact to their Businesses and Employees

Written on April 4, 2019 in USA

After Congress voted nearly unanimously to renew GSP last year, American small businesses ask Congress to examine whether kicking countries that provide a third of the duty-free benefits out of the program reflects Congressional intent American businesses: “By lowering tariffs for American companies that import under GSP, it supports jobs and...

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GSP saved American companies $97 million in January 2019

Written on April 2, 2019 in USA

GSP saved American companies $97 million in January. The savings increased by nearly $20 million from January 2018, and were about $11 million higher than average monthly savings in 2018 – already a record-shattering year. As recently as 2014/2015, GSP savings averaged just $56 million per month. But they have grown rapidly in recent years...

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2018 GSP savings of $1.03 billion smash previous highs (but major potential cuts on horizon for many American companies)

Written on March 12, 2019 in Alaska

GSP saved American companies a record $1.03 billion in 2018, smashing the previous high of $894 million set in 2017. Since Congress renewed GSP in 2015 following a multi-year lapse, annual GSP savings for American companies have increased by more than $350 million.   Despite overwhelming congressional support for GSP renewal in 2018, the Trump...

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USTR Announces Intent to Remove India and Turkey from GSP

Written on March 5, 2019 in USA

On March 4, the Office of the U.S. Trade Representative announced its intent to terminate GSP for India and Turkey. According to the release: “India’s termination from GSP follows its failure to provide the United States with assurances that it will provide equitable and reasonable access to its markets in numerous sectors. Turkey&rsquo...

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Sourcing shifts from China to GSP countries: Christmas lights

Written on December 19, 2018 in China

We recently posted that GSP savings shattered previous records in October and that growth was strongest for products where the Trump administration has imposed new 10-25% tariffs on imports from China. One very clear example: Christmas lights, whose imports from China became subject to a 10% tariff on September 24. For September/October, GSP import...

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NEW SURVEY: Are you importing more under GSP due to new China tariffs?

Written on December 13, 2018 in USA

GSP savings shattered previous records in October. Growth was strongest for products where the Trump administration has imposed new 10-25% tariffs on imports from China. Was this a coincidence or the start of a long-term trend of companies shifting sourcing out of China and into GSP-eligible countries? We want to hear from you! The information...

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