GSP expiration cost American companies another $85 million in July 2021
According to new research from the Coalition for GSP, expiration of the Generalized System of Preferences (GSP) program cost American companies at least $85 million in July 2021. Congressional authorization for GSP expired on December 31, 2020. From January-July 2021, American companies paid at least $565 million in extra taxes as a result of GSP.....
Continue readingGSP expiration makes back-to-school tariffs even worse
Bryan Riley of the National Taxpayers Union recently wrote about how “tariffs impose a hidden tax on families and increase the price of many goods students may need as they return to the classroom.” NTU created the infographic below to show just how high average tariffs on many everyday products were in 2020. While GSP...
Continue reading“I might close the company once our lease expires” due to GSP expiration
The longer GSP remains expired, the more permanent the damage. While Congress seems to view “retroactive” legislation as good enough, companies – especially small businesses – don’t have the same luxury. Instead, they face very real and action-forcing deadlines that can be as simple as a lease renewal. The “tempo...
Continue readingGSP expiration hurting California company that moved 1,500 jobs from China to the Philippines
New data show that imports from China increased 62x more than GSP imports in the first half of 2021. Triad Magnetics in Perris, California helps explain the trend: GSP expiration has already cost the company $200,000 in extra tariffs, leading to reduced orders from the Philippines and increased orders from China. Triad Magnetics manufactures transf...
Continue readingImports from China have increased 62x more than GSP imports in 2021
In the first half of 2021, imports from China increased by $47 billion, while combined imports under GSP from 80+ countries rose by just $760 million. Imports from China aren’t just growing more, they’re growing at a much faster rate too. Those should be sobering facts for all the Members of Congress and the Administration...
Continue readingGSP expiration cost American companies at least $480 million in first half of 2021
According to new research from the Coalition for GSP, expiration of the Generalized System of Preferences (GSP) program cost American companies at least $83 million in May 2021. Congressional authorization for GSP expired on December 31, 2020. In the first six months of expiration, American companies paid at least $480 million in extra taxes as...
Continue readingFailure to renew GSP will result in Michigan small business “letting one production person go”
Altus Brands, LLC is a small, 12-employee company in Grawn, Michigan – near Traverse City and Michigan’s “Little Finger” – that imports leather bags from the Philippines. It is among the many companies in the United States and around the world that needs Congress to renew GSP and refund tariffs paid immediately. GSP be...
Continue readingGSP expiration means higher tariffs, lower sales for Wisconsin employee-owned company
Ciranda, Inc. employs 55 people in Hudson, Wisconsin. Founded in 1994, Ciranda supplies certified organic and non-GMO ingredients – with a focus on sustainable supply and fair trade practices – to American brands and manufacturers. In 2017, Ciranda became a 100% employee-owned company. It is among the many companies in the United States...
Continue readingShifting suppliers due to GSP expiration: “Most of the new development went to China”
If there is one area of bipartisan consensus in 2021 in Congress and the Administration, it is “getting tough on China.” Letting GSP expire does the opposite. Take it from a company that has paid $140,000 in tariffs in 2021 due to GSP expiration: “I have had to switch suppliers, as I can no longer...
Continue readingNEW SURVEY: GSP expiration impacts
The Coalition for GSP is launching a new survey of American imports on the costs to date, both in tariffs paid and actions taken, due to the current GSP expiration. GSP has been expired for nearly 7 months. Based on $400 million in extra tariffs paid through May, by now (July 21) the tariff costs...
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