flowers – Renew GSP Today https://renewgsptoday.com A resource from the Coalition for GSP Thu, 08 Apr 2021 15:23:58 +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 flowers – Renew GSP Today https://renewgsptoday.com 32 32 GSP expiration cost American companies at least $65 million in February 2021 https://renewgsptoday.com/2021/04/08/gsp-expiration-cost-american-companies-at-least-65-million-in-february-2021/ Thu, 08 Apr 2021 14:35:47 +0000 http://renewgsp.wpengine.com/?p=8617 According to new research from the Coalition for GSP, expiration of the Generalized System of Preferences (GSP) program cost American companies at least $65 million in February 2021. Congressional authorization for GSP expired on December 31, 2020.

In the first two months of expiration, American companies paid at least $135 million in extra taxes as a result of GSP expiration. The map below shows estimated tariffs for products claiming GSP paid by state.

The products facing the most new tariffs vary greatly by state:

  • In New York, gold jewelry faced $2.4 million in new tariffs.
  • In Florida, roses faced another $2.2 million in new tariffs due to GSP expiration (on top of $1.8 million in January) in the run-up to Valentine’s Day.
  • In Texas, nearly $800,000 in tariffs were paid on plywood.
  • In Pennsylvania, nearly $400,000 in tariffs were paid on colored pencils.
  • In Ohio, $200,000 in tariffs were paid on wire harnesses used in auto manufacturing.

The data on tariffs paid is a conservative estimate, and the real figure likely is millions of dollars more. Why? Estimates only capture products that continued to claim GSP despite expiration. Yet imports of many products that traditionally get GSP did not claim it in February. Tariffs paid on those imports still would be eligible for refunds in the event of a retroactive renewal, but importers would need to file manual requests.

GSP expiration is already costing American jobs and raising prices for American companies that need inputs and consumers that purchase finished goods. It is critical that Congress renew GSP – with refunds for tariffs paid – as soon as possible. To help the Coalition for GSP educate policymakers on who is hurt by expiration (and how), companies are strongly encouraged to:

]]> GSP Saved American Companies $58 Million in July 2016 https://renewgsptoday.com/2016/09/23/gsp-saved-american-companies-58-million-in-july-2016/ Fri, 23 Sep 2016 15:13:48 +0000 http://renewgsp.wpengine.com/?p=7311 In July, the GSP program saved American companies $58 million on about $1.5 billion in imports. GSP saved U.S. companies $410 million in the first seven months of 2016. In the one year since renewal, GSP saved American companies about $700 million.

Some states, such as Connecticut and New York, saw particularly large increases in GSP imports and savings compared to July 2015, as shown in the graphic below.

gsp_jul2016_snapshot

In Connecticut, GSP imports increased by about 70 percent and savings by about 50 percent compared to one year earlier. Ferroalloys from South Africa, aluminum building materials and rubber gloves from Thailand, and parts for steering wheels from India all contributed to Connecticut’s GSP increases.

In New York, GSP imports increased by 22 percent and savings from GSP by 44 percent compared to one year earlier. Jewelry from Turkey and Bolivia, stainless steel flanges from India, and PET resin from Pakistan contributed most to New York’s GSP increases.

Savings on GSP imports from Pakistan nearly doubled, led by increased imports of lamps in New Jersey. GSP eliminated about $250,000 in import taxes on fresh flowers from Ecuador in July, with more than $230,000 saved on imports into Florida alone.

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

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