According to new research from the Coalition for GSP, expiration of the Generalized System of Preferences (GSP) program cost American companies at least $83 million in April 2021. Congressional authorization for GSP expired on December 31, 2020. In the first four months of expiration, American companies paid at least $308 million in extra taxes as....
Continue readingIn the last month before GSP expired on December 31, it saved American companies $79 million on about $1.8 billion in imports. GSP imports were up by 17 percent – and tariffs savings were up by 29 percent – compared to December 2016. Total 2017 savings from GSP increased at least $136 million over 2016....
Continue readingLast week, the House overwhelming approved GSP renewal legislation (HR 4979) but a vote of 400-2. The statements in support of GSP renewal were as strong as the final vote. Several Members highlighted how GSP savings can help companies lower costs, hire workers, and invest in their businesses and employees: Ways and Means Chairman Kevin...
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