No April’s Fools Joke: Failure to Renew GSP Has Cost American Companies Nearly $450 Million
Today marks exactly 8 months since Congress allow GSP to expire. Yet while Congress delays, American companies and workers suffer. From last August until the end of January 2014 (the latest data available), GSP expiration cost American importers $336 million in higher taxes on a little more than $9 billion in imports. So about $50...
Continue readingLast Call to Answer GSP Expiration Impact Survey!
Today’s the last day to answer our survey on the impacts of GSP expiration. We have nearly 200 responses so far but would like that number to be higher! You can see some of the preliminary responses here. If you have not answered it yet, please do so here.
Continue readingGSP Expiration Survey: Preliminary Results
There has been a great response to our GSP expiration survey so far, with responses from more than 125 companies in 28 states. Please add your responses here before the next Friday, March 21 if you have not completed it already. In the meantime, we wanted to provide some highlights from responses to date. The...
Continue readingGSP Expiration Survey (Requested by Member of Congress)
A few weeks back, a number of companies and business associations had an in-district meeting with a Member of Congress that would like to become more engaged on GSP renewal. But first, this Congressman would like to learn more about the impacts of GSP expiration. So we designed the following survey answer the Congressman’s specific...
Continue readingGSP Supporter List Tops 500 Organizations
With the latest update, there are now 501 American companies and associations calling on Congress to pass an immediate, retroactive GSP renewal. Since the beginning of 2014, 75 organizations have added their name to the supporter list – more than 1 per day. You can see the full list, broken out by state and congressional...
Continue readingAnother Valentine’s Day Without GSP
When February 14 rolls around every year, very few people think about expired trade programs. But perhaps they should. In particular, Members of Congress should take a moment to realize how allowing programs like GSP to remain expired can increase costs on what should be one of the sweetest days of the year. Don’t get...
Continue readingGSP in 2013: Companies Should’ve Saved…Could’ve Hired?
According to new data released last week, American companies imported $18.5 billion worth of GSP-eligible products in 2013. GSP should have reduced taxes on those companies by nearly $700 million. Instead, companies had to pay about $280 million in higher taxes because Congress allowed GSP to expire on July 31. TRInternational, Inc. (TRI), a global...
Continue reading463 Organizations Sign Letter Urging Congress to Renew GSP
This week, more than 460 American companies and organizations sent a joint letter to every Member of Congress with a simple message: we cannot wait any longer for Congress to renew GSP. The signatories included 23 associations and 440 companies located in 43 states, 237 congressional districts, the District of Columbia and Puerto Rico. The...
Continue readingSo Close to 450 GSP Supporters…
Yesterday, we added four new organizations to the GSP supporter list: Haribo in Baltimore, MD Oceanic Linkways in North Brunswick, NJ SAM HPRP Chemicals in Eden Prairie, MN The National Fisheries Institute In total, the brings us to 446 organizations that want – and need – Congress to renew GSP. If we added four yesterday,...
Continue readingCosts of GSP Expiration by State: August-November 2013
As we noted last Friday, GSP expiration cost another $54 million in November. In total, expiration increased import taxes by more than $228 million from August to November, raising prices for companies in every state. Just how much varies greatly by state, as shown below. California companies paid an estimated $34 million in new import...
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