Instead of having that money on hand to pay employees, purchase new materials, and otherwise invest in their business, American companies are forced to pay this money to Customs at the border. Companies like Vortex Optics in Wisconsin, Touchstone Crystal in Rhode Island, and many, many others.

For those who value precision, the estimated taxes on (previously) GSP-eligible imports in August was:
Importers of select products were particularly hard hit. Telescopic sights from the Philippines, building stone from Brazil, pesticides and PET resins from India, prepared foods from Thailand, and plywood from Indonesia each faced between $500,000 and $1.2 million in new taxes in August because of GSP expiration. Many other products faced more than $100,000 in new taxes in the first month without GSP.

If your company is one of those being harmed by expiration, be sure to join the 360+ companies and associations on the GSP Supporter List by adding your name here. You can also contact us directly by emailing Dan Anthony.

Nearly 340 organizations in 41 states (plus DC) have now joined the supporter list. You can see them all here. If you’re not on the list but want Congress to renew GSP, be sure to add your name here so we can keep highlighting the importance of GSP to the different states and congressional districts.

• California had the highest value of GSP imports ($2.8 billion) and tariff savings ($111 million) in 2012
• Rhode Island imports would’ve face the highest average tariffs (7%) without GSP
• 94% of imports from GSP-eligible countries did not enter duty free under GSP
• GSP eliminated tariffs on individual products that were as high as 37.8%
• Motor vehicle parts were the top product group imported under GSP in 2012
• Per capita incomes for top GSP beneficiary countries remain well below the statutory “high-income” threshold for automatic graduation

You can download the full report, which includes much, much more info, by clicking here.

Rhode Island companies imported an estimated $59.8 million under GSP in 2011, saving them on average 6.8%. Thailand was the most important source of GSP imports, accounting for about 76 percent of the tariff savings. Silver jewelry was Rhode Island’s top import under GSP in 2011 and would have faced average tariffs of 5.2% without GSP.

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 Rhode Island 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.