building stone – Renew GSP Today

GSP Company Profile: M S International in Orange, California

Dan Anthony — Mon, 24 Apr 2017 19:12:09 +0000

M S International (MSI) is a leading distributor of flooring, countertop, wall tile and hardscaping products. Founded in 1975 by a husband and wife team, MSI got its big break in 1981 as the supplier of the black granite for the Vietnam Memorial in Washington, DC. Today, MSI has 20 locations across North America and imports over 100 shipments every day. Most of its imports under GSP come from India and Brazil. It remains family-owned and run.

When GSP expired in 2013, MSI raised prices to offset the very significant tariff costs: MSI paid about $8 million in tariffs during the 2-year expiration. With prices up, sales went down, which in turn impacted MSI’s ability to invest in the company’s growth. GSP renewal changed the equation: not only did MSI receive refunds for tariffs paid, but with prices about 10 percent lower its sales went up disproportionately.

Big refunds and even bigger savings going forward helped MSI hire 280 new workers and double its capital expenditures in the year and a half after GSP renewal. MSI’s growth was widespread: it added 10+ workers in 12 different states: California, Colorado, Florida, Georgia, Illinois, Kansas, Massachusetts, Michigan, New Jersey, North Carolina, Texas, and Washington. It also added jobs in Arizona, Minnesota, and Virginia.

Our MSI profile page has more details about the importance of continued GSP benefits to the company (also available as a one-page PDF here or below).

MSI is just one of the GSP importers sharing how GSP allows its businesses and workers to thrive on our Company Profiles page.

GSP Saved American Companies $62 Million in August 2016

Renew GSP Today — Thu, 20 Oct 2016 16:37:35 +0000

In August, the GSP program saved American companies $62 million on about $1.6 billion in imports. The value of GSP imports increased by about 5 percent, while tariff savings increased by about 11 percent compared to August 2015.

Overall, GSP saved U.S. companies $472 million in the first eight months of 2016. GSP savings in 2016 are up about $40 million, or 9 percent, compared to the first eight months of 2015.

Some states, such as Colorado and North Carolina, saw particularly large increases in GSP imports and savings compared to August 2015, as shown in the graphic below.

In Colorado, GSP imports increased by about 19 percent and savings by about 46 percent compared to one year earlier. Optical goods from the Philippines, electric motor parts from India, and monumental building stone from Brazil all contributed to Colorado’s GSP increases.

In North Carolina, GSP imports increased by 14 percent and savings from GSP by 21 percent compared to one year earlier. Chemicals from the Philippines, batteries from Indonesia, and furniture fittings from Thailand contributed most to North Carolina’s GSP increases.

Savings on GSP imports from Brazil jumped 30 percent, led by increased imports of machining centers in Ohio. GSP eliminated about $184,000 in import taxes on microphones in August, with more than $100,000 saved on imports into California alone.

If your company imports under GSP, be sure to answer our GSP renewal impacts survey here.

GSP Saved American Companies $61 Million in June 2016

Renew GSP Today — Fri, 19 Aug 2016 16:19:55 +0000

In June, the GSP program saved American companies $61 million on about $1.5 billion in imports. GSP saved U.S. companies $353 million in the first half of 2016, more than any year since 2012.

Overall, the value of GSP imports increased by 9 percent and the value of GSP tariff savings increased by 14 percent compared to June 2015. Some states, such as Florida and Kansas, saw much larger increases in GSP imports and savings compared to June 2015, as shown in the graphic below.

In Florida, GSP imports and savings both increased by about 50 percent compared to one year earlier. Ferroalloys from Georgia, jewelry from Bolivia, and plywood from Ecuador all contributed to Florida’s GSP increases.

In Kansas, GSP imports increased by 28 percent and savings from GSP by 53 percent compared to one year earlier. Pesticides from India, ceramic sanitary fixtures (sinks, tubs, toilets, etc.) from Thailand, and building stone from Brazil contributed most to Kansas’ GSP increases.

Imports from the Ukraine nearly doubled, led by increased imports of rare gases by companies in South Carolina. GSP eliminated about $560,000 in import taxes on truck tires in June, with more than $200,000 saved on imports into New Jersey alone.

If your company imports under GSP, be sure to answer our GSP renewal impacts survey here.