aluminum plates – Renew GSP Today https://renewgsptoday.com A resource from the Coalition for GSP Fri, 15 Feb 2013 18:48:52 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.1 https://renewgsptoday.com/wp-content/uploads/2017/04/cropped-CoalitionForGSP-Logo-ICO-32x32.png aluminum plates – Renew GSP Today https://renewgsptoday.com 32 32 GSP Saved American Companies Nearly $750 Million in 2012 https://renewgsptoday.com/2013/02/15/gsp-saved-american-companies-nearly-750-million-in-2012/ Fri, 15 Feb 2013 18:48:52 +0000 http://renewgsp.wpengine.com/?p=2189 As noted on Monday, the US government recently released 2012 trade data showing that imports under GSP rose to $19.9 billion last year.  Based on an analysis of that data, the GSP program saved American companies an estimated $748.7 million in 2012, a $40+ million increase over 2011.

By county, the highest savings came on imports from India ($184.0 million), Thailand ($146.0 million), Indonesia ($94.3 million), Brazil ($86.4 million), and the Philippines ($48.6 million).

By product, the highest savings came on imports of radial car tires ($22.7 million), silver jewelry ($18.2 million), miscellaneous food products ($14.2 million), aluminum alloy plates and sheets (12.0 million), and ferrosilicon manganese, which is used to manufacture steel ($10.9 million).

While US tariffs are generally low, effective tariffs waived by GSP can be quite high.  For example, GSP saved American companies from paying tariffs of 17.9% on certain nuts and seeds, 15.0% on Romano and other cheeses, 12.5% on ballpoint pens, and 10.0% on ferrosilicon chromium.

If you have any questions about the data, give us a call at 202-347-1085, and if you’re a company importing these or other GSP products, make sure to add your name to our Supporter List.

]]> GSP and New Jersey: Fast Facts https://renewgsptoday.com/2013/01/15/gsp-and-new-jersey-fast-facts/ Tue, 15 Jan 2013 21:19:15 +0000 http://renewgsp.wpengine.com/?p=1895 The Generalized System of Preferences (GSP) program eliminates U.S. tariffs (i.e., taxes) on certain imports from developing countries. GSP imports in 2011 totaled $18.5 billion and the program saved American companies more than $700 million. GSP saved New Jersey companies an estimated $59.5 million in 2011.

New Jersey companies imported an estimated $1.6 billion under GSP in 2011, saving them on average 3.8%. India was the most important source of GSP imports, accounting for about 28 percent of the tariff savings. Aluminum alloy plates were New Jersey’s top import under GSP in 2011 and would have faced average tariffs of 3% without GSP.

Yet GSP is set to expire on July 31, 2013, and companies could face tariffs higher tariffs starting on August 1 if Congress does not pass legislation renewing GSP. When GSP expired at the end of 2010, American companies paid nearly $2 million per day, every day, until Congress finally acted 11 months later!

This graphic shows just some of the negative impacts from the last GSP expiration. It also helps explain why more than 335 companies and associations – including at least 33 in New Jersey – joined the 2011 GSP Supporter List urging renewal of the program when it last expired.

Are you a New Jersey company that would be hurt by GSP expiration? If so, please take 30 seconds to let Congress know by adding your name to our free 2013 GSP Supporter List right now.

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