seeds – Renew GSP Today https://renewgsptoday.com A resource from the Coalition for GSP Fri, 15 Feb 2013 18:48:52 +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 seeds – Renew GSP Today https://renewgsptoday.com 32 32 GSP Saved American Companies Nearly $750 Million in 2012 https://renewgsptoday.com/2013/02/15/gsp-saved-american-companies-nearly-750-million-in-2012/ Fri, 15 Feb 2013 18:48:52 +0000 http://renewgsp.wpengine.com/?p=2189 As noted on Monday, the US government recently released 2012 trade data showing that imports under GSP rose to $19.9 billion last year.  Based on an analysis of that data, the GSP program saved American companies an estimated $748.7 million in 2012, a $40+ million increase over 2011.

By county, the highest savings came on imports from India ($184.0 million), Thailand ($146.0 million), Indonesia ($94.3 million), Brazil ($86.4 million), and the Philippines ($48.6 million).

By product, the highest savings came on imports of radial car tires ($22.7 million), silver jewelry ($18.2 million), miscellaneous food products ($14.2 million), aluminum alloy plates and sheets (12.0 million), and ferrosilicon manganese, which is used to manufacture steel ($10.9 million).

While US tariffs are generally low, effective tariffs waived by GSP can be quite high.  For example, GSP saved American companies from paying tariffs of 17.9% on certain nuts and seeds, 15.0% on Romano and other cheeses, 12.5% on ballpoint pens, and 10.0% on ferrosilicon chromium.

If you have any questions about the data, give us a call at 202-347-1085, and if you’re a company importing these or other GSP products, make sure to add your name to our Supporter List.

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