GSP renewal must be a part of any Congressional focus on China trade issues
Multiple congressional committees are moving ahead with hearings and legislation to address competitive issues with China. Two weeks ago, the Senate Foreign Relations Committee Chairman and Ranking Member introduced the Strategic Competition Act of 2021, which aims to use trade negotiations and encourage supply chain diversification out of China (a...
Continue readingGSP expiration cost American companies at least $65 million in February 2021
According to new research from the Coalition for GSP, expiration of the Generalized System of Preferences (GSP) program cost American companies at least $65 million in February 2021. Congressional authorization for GSP expired on December 31, 2020. In the first two months of expiration, American companies paid at least $135 million in extra taxes a...
Continue readingGSP remains expired on April 1: that’s no joke for American companies and workers
It’s been three full months since Congress let GSP expire. In that time, American companies likely have paid over $200 million in extra tariffs – it was at least $70 million in January alone. Last week we highlighted how GSP expiration reduces American jobs, makes pay/benefits at existing jobs worse, makes China more competitive, and...
Continue readingWhat American companies say about GSP expiration (hint: it’s bad)
We’ve heard from multiple companies over the last week about impacts to date from GSP expiration. Responses show not only the costs of delay for American jobs and workers – but how allowing GSP to expire undermines other U.S. trade policies/priorities. Here are some of the comments on: Worker impacts from a small business that...
Continue readingState-by-state breakdown of GSP expiration costs in January 2021
American companies paid at least $70 million in tariffs in January 2021 due to GSP expiration. The map below shows estimated tariffs for products claiming GSP paid by state. The products facing the most new tariffs vary greatly by state: In Florida, roses faced more than $1.8 million in new tariffs due to GSP expiration...
Continue readingGSP expiration cost American companies nearly $70 million in January 2021
According to new research from the Coalition for GSP, expiration of the Generalized System of Preferences (GSP) program cost American companies nearly $70 million in January 2021. Congressional authorized for GSP expired on December 31, 2020. Failure to renew GSP is already costing American companies and workers. One California small business with ...
Continue readingAn Open Letter to Congress on the Positive Impact of GSP on Women in Bali, Indonesia
[Note: we received the following from a Coalition for GSP member Nina Designs in Emeryville, California. We’re posting with permission. No edits were made except formatting for the website and deleting the last names of the women in Indonesia.] Dear Legislators, &nb...
Continue readingGSP expiration means more expensive roses for Valentine’s Day
An (unfortunate) #TradeValentines: Roses are red,And were added to GSP in November.But face high tariffs againSince Congress let GSP expire in December. One of the few bright spots for GSP in 2020 was the addition of roses to the list of GSP-eligible products as part of the 2020 annual product review. New duty-free treatment took...
Continue readingState-by-state breakdown of $879 million in GSP tariff savings in 2020
GSP saved American companies nearly $900 million in 2020. GSP benefited companies in every state – and the map below shows the overall value of 2020 GSP imports (in blue) and tax savings (in red) by state. California accounts for more than a quarter of GSP savings, more than the next 3 states – New...
Continue readingGSP saved American companies $879 million in 2020, but expiration already hurting American jobs and workers
According to new research from the Coalition for GSP, the Generalized System of Preferences (GSP) program saved American companies $879 million in 2020. Total imports under GSP were nearly $17 billion. Overall GSP imports and savings were down from 2019 due to both country terminations and coronavirus impacts. GSP savings started growing again in l...
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