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...
Continue readingBased on newly available July 2015 trade data, American companies paid about $1.3 billion in higher import taxes while GSP was expired between August 2013 to July 2015. With the retroactive GSP renewal, nearly all of that will be refunded automatically. The map below shows the breakdown of GSP tariffs paid during expiration that are...
Continue readingGSP has only been back in effect for a week, but we’re already hearing positive things from companies about the impacts. Take Thompson Traders in Greensboro, North Carolina, which manufactures and sells hand-hammered copper sinks for kitchens and baths. GSP expiration hit at a terrible time: just as the small but growing company reached a...
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