GSP Expiration Cost American Importers Another $56 Million in September
Based on data released today by the U.S. government, GSP expiration cost U.S. importers $56.5 million in September – about $20,000 more than it cost in August. In those first two months, that works out to about $1.85 million for each day that GSP was expired. Today is the 110th day since GSP expired, so...
Continue readingGSP Retroactive Renewal Survey: Quote of the Day 2
The other day, we highlighted a comment on the impacts of GSP expiration made by a small manufacturer with operations in both Ohio and Texas. Today, we wanted to share the thoughts of a small business owner in the Cincinnati area: We may be a very small company in comparison to other companies that also...
Continue reading375 American Organizations Now Calling on Congress to Renew GSP
Two more companies added their names to the GSP Supporter List today, bringing the total to 375 American companies and associations calling for the immediate, retroactive renewal of the GSP program. The 350+ companies on the list are incredibly diverse… They are headquartered in 40 states (plus DC) and 200+ congressional districts, but opera...
Continue readingGSP Retroactive Renewal Survey: Quote of the Day
A number of companies have responded to our survey on the importance of a retroactive renewal, but we wanted to highlight one comment made by a small manufacturer with operations in both Ohio and Texas. (If you haven’t answered the survey yet, be sure to do so here.) In just three short sentences, this person...
Continue readingNew GSP Expiration Survey: Retroactive Renewals
We have heard from some folks in Congress that passing a retroactive GSP renewal may become harder as time goes on. Whenever GSP has expired, we’ve said that refunds of tariffs paid to date is the #1 priority for importing companies. What do you think? Let us know by filling out the form below. Results...
Continue readingGSP Expiration Cost American Companies $56 Million in August 2013
Based on new August trade data released by the US government, we can finally see the cost of Congress’ inability to renew GSP before July 31…and it’s not pretty. GSP should have eliminated about $56.5 million in taxes on about $1.6 billion in imports in August alone. Instead of having that money on hand to...
Continue readingCongress Needs to Get Back to Work on GSP Renewal
With the government shutdown and debt ceiling debate behind us (for at least a couple months), Congress needs to turn its attention back to another outstanding issue: the renewal of the GSP trade program. GSP has now been expired for 82 days. When GSP expired in 2011, American companies paid an estimated $2 million per...
Continue readingGSP Expiration: “Playing Chicken” with Competitors or Profits
While all responses to our August/September expiration survey are appreciated, we love the submissions that allow us to quote them directly. The following comment comes from Candace Abitbul at Sophia Foods in Brooklyn, New York. This family-owned (very) small business paid $3,700 in extra import taxes in August and expects to pay another $7,00...
Continue reading7 New Organizations Call on Congress to Renew GSP
With Congress returning to DC and companies beginning to feel the sting of expiration, more and more American organizations are calling for immediate renewal of the GSP program.The map below shows the 20+ companies and associations – based in 16 states – have joined the supporter list since GSP expired, including the seven new additions...
Continue readingFair Trade Importer WorldFinds: “These Tariffs Are Paralyzing Us”
One of our latest GSP expiration survey responses shows how the new tariffs harm not just American companies and consumers, but also the small producers in developing countries that GSP was originally designed to help. The submission came from Kelly Weinberger of WorldFinds in Westmont, IL. The company employs 8 people domestically and works with.....
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