On July 12, 66 Members of the House of Representatives sent a letter to House Ways and Means Chairman Jason Smith (R-MO) and Ranking Member Richard Neal (D-MA) supporting efforts to renew the Generalized System of Preferences (GSP) as a way to “help facilitate supply chain shifts out of China.” GSP, which provides duty-free treatment...
Continue readingWoombikes USA in Austin, Texas is among the many companies harmed by GSP expiration. According to Woombikes’ response to our new survey on GSP and inflation, the company has paid over $1.9 million in extra tariffs due to GSP expiration on children’s bikes, spare parts, and accessories. Children’s bikes face 11% tariffs without GSP...
Continue readingBased on an analysis of new U.S. Census Bureau data released yesterday, expiration of the Generalized System of Preferences (GSP) program cost American companies at least $97 million in September 2021. Congressional authorization for GSP expired on December 31, 2020. Citing these growing costs along side Covid-related and supply chain challenges, o...
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