According to new research from the Coalition for GSP, expiration of the Generalized System of Preferences (GSP) program cost American companies at least $85 million in July 2021. Congressional authorization for GSP expired on December 31, 2020. From January-July 2021, American companies paid at least $565 million in extra taxes as a result of GSP.....
Continue readingThe longer GSP remains expired, the more permanent the damage. While Congress seems to view “retroactive” legislation as good enough, companies – especially small businesses – don’t have the same luxury. Instead, they face very real and action-forcing deadlines that can be as simple as a lease renewal. The “tempo...
Continue readingNew data show that imports from China increased 62x more than GSP imports in the first half of 2021. Triad Magnetics in Perris, California helps explain the trend: GSP expiration has already cost the company $200,000 in extra tariffs, leading to reduced orders from the Philippines and increased orders from China. Triad Magnetics manufactures transf...
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