Yet despite their differences, both New York/St. Louis-based Macy‘s and Louisiana-based CorrPak BPS have called on Congress to renew the GSP program before it expires on July 31.  Why? Because big or small, retailer or industrial supplier, parade-sponsor or otherwise, companies need to meet customer demands for high-quality products at the lowest possible price – and GSP helps them do it.

But if Congress doesn’t act soon, both these companies (and many others) will face higher taxes starting on August 1.

Louisiana companies imported an estimated $251 million under GSP in 2011, saving them on average 3.2%. Indonesia was the most important source of GSP imports, accounting for about 33 percent of the tariff savings. Crude oil was Louisiana’s top import by value 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 joined the 2011 GSP Supporter List urging renewal of the program when it last expired.

Are you a Louisiana 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.