Small business owner explains how GSP expiration part of a “perfect storm” preventing growth in 2021
Congress allowed the GSP program to expire on December 31. With tariff savings of nearly $3 million per day, GSP expiration likely has cost American companies over $70 million in new taxes. We recently spoke with Patrice Gerber, Founder/CEO of small business Kouboo LLC in Laguna Beach, California – one of those hurt by GSP...
Continue readingCoalition for GSP statement on Congress’ failure to renew GSP
Coalition for GSP Executive Director Dan Anthony released the following statement regarding Congress’ failure to reauthorize the Generalized System of Preferences (GSP) program, which expires on December 31, 2020, as part of the Omnibus spending package: American businesses are incredibly frustrated and disappointed that Congress failed...
Continue readingWhat’s the opposite of stimulus? GSP expiration.
Jobless claims rose for the second straight week to a level not seen since the end of summer, following a mere 245,000 jobs added in November. The situation is expected to get worse before it gets better. What would be the opposite of relief for small businesses and workers that Congress always claims to be...
Continue readingCongress must renew GSP today because even “retroactive” renewals cause irreparable harm to American companies and workers
We’ve heard, both in the past and more recently, that letting GSP expire does not cause harm – and is therefore somehow acceptable – because tariffs paid are eventually refunded. While past “retroactive renewals” have refunded tariffs paid, GSP expiration does lasting damage that should be avoided at all costs. A willi...
Continue readingHow lost GSP hurts workers in developing countries
On Friday, we wrote about how adding new GSP eligility criteria is not the hill to die on when it comes to whether/how to renew GSP this year. One of the points we made, and that we’ll expand on today: Eliminating GSP benefits, whether through expiration or suspension, risks hurting the marginalized communities within the...
Continue readingAdding GSP eligibility criteria: not the hill to die on
According to multiple recent press reports, adding eligibility criteria has become the hang up for GSP renewal. There doesn’t seem to be opposition to the idea of potentially adding new criteria, but the timing. Senate Finance Committee Chairman Grassley introduced a 16-month extension to give give “time for debate on any changes that m...
Continue readingComments on House Ways and Means Trade Subcommittee Chairman Blumenauer’s new GSP renewal bill
Yesterday, House Ways & Means Trade Subcommittee Chairman Blumenauer released legislation to renew GSP. Introduction of a House bill is welcome, but there are concerns with provisions in the bill and almost no time to address them. As such, program users continue to believe the best way to avoid painful new taxes on American companies...
Continue readingDon’t be a Grinch: renew GSP
GSP will expire in just a few weeks if Congress doesn’t pass legislation reauthorizing it beyond December 31. Failure to do so will lead to millions of dollars a day in new tariffs on American companies, hundreds of which sent a letter to Congress urging renewal last week. More important than the raw dollars are...
Continue readingThe US jobs recovery is stalling; GSP expiration would make it worse
U.S. job growth slowed to just 245,000 jobs in November – the lowest level of the recovery to date – and there are still almost 10 million fewer U.S. jobs than in February. If Congress allows GSP to expire on December 31, American companies would face millions of dollars a day in new taxes on...
Continue readingNearly 300 American organizations call on Congressional leaders to renew GSP in the Lame Duck
On December 1, 284 American companies and associations sent a letter to Senate Majority Leader McConnell, Senate Democratic Leader Schumer, House Speaker Pelosi, and House Republican Leader McCarthy urging immediate passage of legislation extending the Generalized System of Preferences (GSP). [If you missed the deadline but want Congress to renew G...
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