GSP benefits have been back in place for two months, though companies continue to wait for refunds of tariffs paid during the expiration. The map below shows the overall value of imports claiming GSP (in blue) and eventual tax savings (in red) by state from the first four months of 2018. Nearly all of these...
Continue readingGSP benefits resumed a week and a half ago and importers must no longer pay tariffs on GSP-eligible goods. Yet it may be a while before tariffs are fully refunded. The map below shows the overall value of GSP imports (in blue) and tax costs due to expiration (in red) by state during the first...
Continue readingAs of today, GSP is back in effect and importers no longer must pay tariffs on new import shipments claiming GSP. CBP will begin the process for issuing automatic refunds to products that claimed GSP during the lapse. CBP published a formal Federal Register notice Friday with details. Information on requesting refunds for products that...
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