IN – Renew GSP Today https://renewgsptoday.com A resource from the Coalition for GSP Tue, 10 Dec 2013 18:15:30 +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 IN – Renew GSP Today https://renewgsptoday.com 32 32 NAM Says It’s Time to Renew GSP https://renewgsptoday.com/2013/12/10/nam-says-its-time-to-renew-gsp/ Tue, 10 Dec 2013 18:15:30 +0000 http://renewgsp.wpengine.com/?p=3165 Yesterday, the National Association of Manufacturers (NAM) wrote about the negative impact of GSP expiration on…not surprisingly…manufacturers. At the most basic level, because of GSP expiration “many manufacturers’ costs are higher and their competitiveness undermined.” This of course is a point we’ve made a number of times.

NAM highlighted the impact on Momentive, a specialty chemicals and materials producer with a presence in 21 states, including manufacturing facilities in New York, Ohio, West Virginia, Florida, North Carolina, Oregon, Indiana and California. Roger McCrary, Momentive’s Vice President for Global Trade Management, noted the trade-offs that companies must make when Congress fails to renew GSP:

“Our ability to remain an innovative, cutting-edge American company requires access to affordable raw materials. With the increase in tariffs resulting from GSP’s expiration, we need to cut from other parts of our budget, such as R&D. That has an impact on our bottom line and future products.”

These trade-offs are faced by all companies, not just manufacturers. Some companies cut R&D. Others reduce purchases (and limit future profit potential), while others still must lay off workers. In each of these cases, though, the result is clear: even a temporary GSP expiration can have a lasting impact.

]]> GSP and Indiana: Fast Facts https://renewgsptoday.com/2013/01/08/gsp-and-indiana-fast-facts/ Tue, 08 Jan 2013 17:20:57 +0000 http://renewgsp.wpengine.com/?p=1835 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 Indiana companies an estimated $13.0 million in 2011.

Indiana companies imported an estimated $433 million under GSP in 2011, saving them on average 3.0%. India was the most important source of GSP imports, accounting for about 27 percent of the tariff savings. Ferrosilicon, a key raw material used by steel manufacturers, was Indiana’s top import under GSP in 2011.

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 12 in Indiana – joined the 2011 GSP Supporter List urging renewal of the program when it last expired.

Are you an Indiana 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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