TX – Renew GSP Today

GSP Expiration Cost American Importers Another $56 Million in September

Renew GSP Today — Mon, 18 Nov 2013 22:02:25 +0000

Based on data released today by the U.S. government, GSP expiration cost U.S. importers $56.5 million in September – about $20,000 more than it cost in August. In those first two months, that works out to about $1.85 million for each day that GSP was expired. Today is the 110th day since GSP expired, so the new taxes paid by American companies is probably closer to $200 million.

These new taxes are beginning to take a toll on importers. MG Golf in Irving, Texas is a small business that imports golf gloves from Indonesia. MG Golf has paid more than $40,000 in higher taxes since GSP expired and was forced to lay off one of its warehouse employees. If GSP is not renewed in the near future, the company expects additional cost-cutting efforts will be necessary.

Higher taxes are the only problem for importers: for a small jewelry fabricator in California, many regular customers have refused to place orders no one can be certain that tariffs will be refunded. In addition to the $160,000 in new import taxes, the company has lost an additional $500,000 in sales.

And each day these problems get worse. That’s one reason that 10 new companies have joined the GSP supporter list in the last week alone. If you’re being hurt GSP expiration, make sure to add your organization (it’s free) here and take our latest expiration survey.

7 New Organizations Call on Congress to Renew GSP

Renew GSP Today — Tue, 10 Sep 2013 15:13:17 +0000

With Congress returning to DC and companies beginning to feel the sting of expiration, more and more American organizations are calling for immediate renewal of the GSP program.The map below shows the 20+ companies and associations – based in 16 states – have joined the supporter list since GSP expired, including the seven new additions from yesterday.

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.

GSP and Texas: Fast Facts

Dan Anthony — Wed, 23 Jan 2013 14:16:52 +0000

The Generalized System of Preferences (GSP) program eliminates U.S. tariffs (i.e., taxes) on certain imports from developing countries. GSP imports in 2011 totaled $18.5 billion and the program saved American companies more than $700 million. GSP saved Texas companies an estimated $60.1 million in 2011.

Texas companies imported an estimated $1.5 billion under GSP in 2011, saving them on average 3.9%. India was the most important source of GSP imports, accounting for about 25 percent of the tariff savings. Ceramic laboratory equipment was Texas’ top import under GSP in 2011 and would have faced average tariffs of 4% 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 – including at least 41 in Texas – joined the 2011 GSP Supporter List urging renewal of the program when it last expired.

Are you a Texas 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.