GSP eliminates hundreds of thousands of dollars in tariffs annually on Cannon’s imports from Myanmar and Sri Lanka. The savings are passed along to Cannon’s customers, while helping those GSP countries “compete with giants like China.”

Watch CEO Frank Cannon explain how why its so important for Congress to renew GSP this year.

If you’re a GSP importer, submit your own video testimonial here.

Overall, the value of GSP imports and tariff savings both increased by more than 10 percent compared to May 2015. Some states, such as Arkansas and Rhode Island, saw very large increases in GSP imports and savings compared to May 2015, as shown in the graphic below.

In Arkansas, GSP imports and savings both increased by 37 percent compared to one year earlier. Vanadium oxides and hydroxides from South Africa, firearms from Turkey, and transmission parts from Thailand contributed most to Arkansas’ GSP increases.

In Rhode Island, GSP imports increased by 79 percent and savings from GSP by 145 percent compared to one year earlier. Costume jewelry from Thailand, glass fibers from Sri Lanka, and metal picture frames from Turkey contributed most to Rhode Island’s GSP increases.

Imports from Cambodia jumped by 121 percent, led by increased imports of window blinds by companies in California. GSP eliminated about $109,000 in import taxes on buses in May and has waived more than $400,000 on imports of buses in the first five months of 2016.

Overall, the value of GSP imports and tariff savings both increased slightly compared to April 2015. Some states, such as South Carolina and New Hampshire, saw very large increases in GSP imports and savings compared to April 2015, as shown in the graphic below.

In South Carolina, GSP imports increased by 49 percent and savings from GSP by 48 percent compared to one year earlier. Plastics from Brazil, valves from Turkey, and motorcycles from Thailand contributed most to South Carolina’s GSP increases.

In New Hampshire, GSP imports increased by 317 percent and savings from GSP by 273 percent compared to one year earlier. Sporting goods from Thailand, optical devices from Sri Lanka and the Philippines, and parts for meters from India contributed most to New Hampshire’s GSP increases.

Imports from Bolivia jumped by 60 percent, led by increased imports of tungsten concentrates by companies in Nevada. GSP eliminated about $821,000 in import taxes on sugar and nearly 70 percent of those imports went to California.

GSP refund checks received to date by Ohio small business

They say a picture is worth a thousand words. The pictures above (or at least the checks in them) are worth SO much more.

The checks are the first GSP refunds for The Cannon Group, a small business in Westerville, Ohio that imports plastic bags for newspapers from Sri Lanka. For nearly 2 years while GSP was expired, the company had to pay higher taxes on every shipment.

Now that money is coming back – one check for each shipment – and is being put to good use.

The Cannon Group plans to add one full-time employee in September and is looking to add at least one new salesperson in the next 6 months. The refunds also saved the job of another employee that would’ve gone away due to the loss of other business. For this Ohio small business, at least 3 net jobs are tied to GSP renewal and refunds.

These moves shouldn’t come as a surprise. President Frank Cannon said nearly a year ago:

“With a loss of $700,000 to our bottom line we cannot afford to hire any new staff. If Congress renews GSP retroactively, we would definitely hire more staff.”

Ways and Means Trade Subcommittee Chairman Pat Tiberi (R-OH) cited the company, based in the district, when introducing the legislation back in April. At the time, Mr. Tiberi said GSP renewal would help companies like The Cannon Group grow their businesses and “ultimately create jobs.”

And he was right. In addition to The Cannon Group, companies like Thompson Traders, Kona Bicycle, and Primetac all are benefiting immediately from GSP renewal.

What steps are you taking now that GSP has been renewed? We want to hear from you! 

The GSP’s importance to its beneficiary countries cannot be underestimated. The import program benefits more than 3.8 billion people living in two-thirds of the world’s economies. They rely on GSP duty-free exports to the United States to create tangible economic development.

The letter also noted that when GSP was allowed to expire for 10 months back in 2011:

U.S. imports of GSP-eligible items during that period decreased by over 17 percent, while overall U.S. imports increased by 15 percent.

We’re in the process of collecting company/association signatures for a similar U.S. business letter.  If you’d like your organization to be on that letter, just add your name (if you haven’t already) to our GSP Supporter List.  But act quick, as our letter will be going out VERY soon!