House Ways & Means Committee to hold GSP hearing next week
Yesterday, the House Ways & Means Trade Subcommittee announced it will hold a hearing next Wednesday (9/20) on “Reforming the Generalized System of Preferences to Safeguard U.S. Supply Chains and Combat China.” There is significant congressional interest in renewing and updating GSP before the end of the year, especially as it relat...
Continue reading66 House Members support GSP renewal, including “smart changes to make GSP countries more viable alternatives to China”
On July 12, 66 Members of the House of Representatives sent a letter to House Ways and Means Chairman Jason Smith (R-MO) and Ranking Member Richard Neal (D-MA) supporting efforts to renew the Generalized System of Preferences (GSP) as a way to “help facilitate supply chain shifts out of China.” GSP, which provides duty-free treatment...
Continue readingGSP lapse costs American companies $2.6+ billion through April 2023
Based on an analysis of new U.S. Census Bureau data, American companies paid $2.6+ billion in new tariffs from January 2021 and April 2023 due to GSP expiration. Imports into 8 states have faced $100+ million in extra tariffs because Congress let GSP expire, and 22 more states have faced between $10 million and $60...
Continue readingAdvocates meet with 90+ House and Senate offices about the need to renew GSP
Last week, approximately 60 GSP advocates met with Members and staff for 90+ Congressional offices from 20+ states – or almost 20% of the 118th Congress. The Coalition for GSP’s lobby day was an opportunity for GSP users to share their expiration stories directly with key Members, including new House Ways & Means Committee Chairman....
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Congress raises Valentine’s Day costs
Most people know that Valentine’s Day is the #1 holiday for rose sales in the United States. Demand for many other gift items surges too. Sadly, Americans are paying extra taxes on roses and many other gift items because Congress has failed to renew GSP. Let’s look first at flowers. Last Friday, U.S. Customs and...
Continue reading118th Congress: GSP expiration survey
The 118th Congress is off to a slow start, after the 117th Congress was the first to let GSP remain lapsed in its entirety in the program’s nearly 50-year history. Not only is this the longest expiration in GSP’s history, the tariff costs associated with expiration will soon be at least twice as high as...
Continue readingClark Griswold hates GSP expiration
If you’ve bought any holiday lights either this year or last – or you’re a Member of Congress or the Administration that wants supply chains to move out of China – then you should hate GSP expiration too. Fun, old-fashioned family Christmas lights have faced up to $65 million in extra tariffs due to GSP...
Continue readingNearly 300 organizations urge Congress to pass GSP legislation in Lame Duck
On November 30, a broad range of American companies and associations sent a letter urging Congressional leaders to prioritize legislative action on the Generalized System of Preferences (GSP) program in the Lame Duck session. GSP expired on December 31, 2020. It soon could become the longest GSP lapse ever and the first time GSP remained...
Continue readingGSP users deserve treats, not more tricks, this Halloween
It has been exactly 22 months since Congress let GSP expire. American companies paid at least $1.9 billion in direct tariffs – and as much $2.4 billion – through August 2022. Tack on the two extra months for which data aren’t available yet, and Congress’ failure to renew GSP resulted in up to $2.6 billion...
Continue readingGSP lapse costs American companies $1.8+ billion through July 2022
Based on an analysis of new U.S. Census Bureau data, American companies paid $107+ million in extra tariffs in July due to GSP expiration – and $1.8+ billion in new tariffs from January 2021 and July 2022. Tariff costs resulting from GSP expiration are up about 40% in 2022, from an average of $80 million/month...
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