GSP Expiration Cost Another $54 Million in November 2013
Big trade news out of Washington yesterday: data released showed that $1.4 billion in GSP-eligible goods were imported in November. Unfortunately, since GSP was expired, American companies paid an extra $53.7 million in taxes. Most of the companies paying those taxes are small businesses that can least afford them. Nearly 80 percent of companies on...
Continue readingHappy Holidays from the Coalition for GSP
We hope everyone has a happy and safe holiday season. Of course, just because it’s Christmas doesn’t mean people aren’t still thinking about GSP. One company – Plastics Provider Inc. in Conway, South Carolina – even added its name to the GSP Supporter List this morning! Hopefully Congress will stop being grinches and r...
Continue readingMore than 400 American Organizations Calling on Congress to Renew GSP
Six more companies added their names to the GSP Supporter List since yesterday, bringing the total to 404 American companies and associations calling for the immediate, retroactive renewal of the GSP program. The 380+ companies on the list are incredibly diverse… They are headquartered in 42 states (plus DC) and 221 congressional districts a...
Continue readingNAM Says It’s Time to Renew GSP
Yesterday, the National Association of Manufacturers (NAM) wrote about the negative impact of GSP expiration on…not surprisingly…manufacturers. At the most basic level, because of GSP expiration “many manufacturers’ costs are higher and their competitiveness undermined.” This of course is a point we’ve made a n...
Continue readingCompanies in 18 States Paid $1+ Million in October Because of GSP Expiration
As we noted yesterday, GSP expiration cost American companies $62 million in October. California companies paid an estimated $9.1 million, but more than a third of states faced an extra million dollars in import taxes because GSP remained expired. Taxes paid by companies in both Indiana and Virginia jumped more than 30% from September to...
Continue readingGSP Expiration Cost American Companies $62 Million in October 2013
Based on new data released Friday, the continued expiration of the GSP program cost U.S. importers $62 million in October, bringing the total cost to more than $175 million in the first three months. Of course, it’s now December 9 so the actual taxes paid are much higher. American companies paid the highest taxes on...
Continue readingWhile Congress Delays, American Companies Pay
Last Friday, Politico had an article about the (really) do-nothing Congress. According to the article: “So far, this Congress has only enacted 49 laws, the fewest since at least 1947, when the Congressional Record began tallying legislative activity on a yearly basis. In fact, the 80th Congress — famously dubbed the “do nothing&rd...
Continue readingRetailer on GSP Expiration: “There is no gain for any party here.”
As is so often the case, those closest to the situation can describe it the best. A retailer stuck paying GSP tariffs on shipments coming in for the holiday season emailed us the following: “Assuming the GSP will eventually pass and be retroactive, we are bearing the higher costs during our busiest season, and will...
Continue readingGSP Importers In Their Own Words
This comes from a recent GSP supporter list company that imports from India, Indonesia, and Nepal: We are a company located in a small town where the economy is fragile and the rate of unemployment is very high. If we have to pay duties for merchandise under GSP we don’t know if we will be...
Continue readingTop States Impacted by the First Two Months of GSP Expiration
As noted yesterday, GSP expiration cost American companies more than $56 million in September alone, and more than $110 million through the first two months. Not surprisingly, big states pay the most, but companies in all states are stuck paying higher taxes on previously duty-free goods. Here are the top 10 states ranked by the...
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