Happy New Year! (aka 364 Days Until GSP Expires)

glowing-happy-new-year-images2017 is officially here!

Unfortunately, that means American companies will face millions of dollars per day in new taxes in unless Congress passes – and the new President signs – legislation extending the GSP program in the next 364 days.

GSP renewal faces special challenges as an “import-only” program. The experience in 2013 shows both the harm inflicted on GSP importers by expiration and the difficulty in getting Congress to refocus on GSP renewal once the action-forcing event (i.e., scheduled expiration) passes.

The Coalition for GSP does not believe that doing “more of the same” will be enough to pass renewal legislation in 2017. In the coming weeks, the Renew GSP Today website will undergo some big changes, including new tools to help GSP users advocate for renewal. Beyond the website, there are a number of other potential initiatives planned for 2017. Please let us know which ones you might participate in here.

The Coalition can provide tools and encouragement, but GSP users must engage early and often to build support for renewal. The link above highlights some ways to get engaged. It’s never too late to answer our GSP renewal impact survey. More opportunities certainly will arise over the year.

The only way to receive information about GSP renewal (as opposed to providing info to support it) is to join the Coalition for GSP. Coalition members receive regular updates on GSP renewal that is not available from any other source. Membership helps companies make educated sourcing decisions given the uncertainty created by GSP expiration, while member dues fund all of the Coalition’s work. This form allows you to determine your company-specific dues and/or to join the Coalition.

December 31, 2017 will be here sooner than we know it. With a new Congress and Administration, GSP importers must redouble their efforts to show the importance of the GSP program for American companies and workers. The Coalition for GSP looks forward to working with you in 2017 to build support for legislation renewing GSP!

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Breakdown by State of the $600 Million in 2016 Tax Savings from GSP Through October

In the first 10 months of 2016, GSP saved American companies about $600 million in eliminated tariffs. GSP waived at least $1 million in tariffs on imports into 39 states – West Virginia joined the list in October! – plus Puerto Rico.

The map below shows the overall GSP imports and savings by state from January to October.

gsp_savings_map_jan-oct2016

Companies in California continued to lead the way with $97 million in tax savings. Imports into New Jersey, Texas, and New York all faced $45-$55 million less in taxes because of GSP, while imports into Florida, Illinois, Georgia and Ohio all faced at least $25 million less in taxes because of GSP.

This map will be updated monthly as new trade data become available and the most up-to-date version will be available at all times on our Graphics page. These posts highlight some of the individual states, products, and countries with the biggest increases in January, February, March, April, May, June, July, August, September, and October.

If your company benefits from GSP renewal, be sure to answer our renewal impact survey here. You can see examples from companies that already answered the survey here, here, here, and here.

REMINDER FOR ALL GSP PROGRAM USERS: GSP EXPIRES AT THE END OF 2017. Please click that link to learn about how to get involved in the Coalition for GSP’s renewal activities this year.

Posted in California, Florida, Georgia, Illinois, New Jersey, New York, Ohio, Texas | Leave a comment

GSP Saved American Companies $64 Million in October 2016

In October, the GSP program saved American companies $64 million on about $1.6 billion in imports. The value of GSP imports increased by about 4 percent, while the tariff savings increased by nearly 9 percent compared to October 2015.

Overall, GSP saved U.S. companies $600 million in the first 10 months of 2016. GSP savings in 2016 are up about $49 million, or 9 percent, compared to the first 10 months of 2015.

Some states, such as Louisiana and New Mexico, saw particularly large increases in GSP imports and savings compared to October 2015, as shown in the graphic below.

gsp_oct2016_snapshot

In Louisiana, GSP imports more than doubled and savings increased by about 59 percent compared to one year earlier. Valves and parts from India, copper cathodes from the Democratic Republic of the Congo, and ferrochromium (typically used to produce stainless steel) from South Africa contributed the most to Louisiana’s GSP increases.

In New Mexico, GSP imports increased by 80 percent and savings from GSP by 144 percent compared to one year earlier. Aluminum products and electric motors from India along with rubber gloves from Thailand and Indonesia contributed most to New Mexico’s GSP increases.

Savings on GSP imports from Armenia increased more than 50 percent to $137,000. GSP eliminated about $223,000 in import taxes on glass construction products (e.g, pavers and blocks) in October, with nearly all of those imports going to Florida.

REMINDER FOR ALL GSP PROGRAM USERS: GSP EXPIRES AT THE END OF 2017. Please click that link to learn about how to get involved in the Coalition for GSP’s renewal activities this year.

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Breakdown by State of the $531 Million in 2016 Tax Savings from GSP Through September

In the first nine months of 2016, GSP saved American companies about $531 million in eliminated tariffs. GSP waived at least $1 million in tariffs on imports into 38 states, plus Puerto Rico.

The map below shows the overall GSP imports and savings by state from January to September.

gsp_savings_map_jan-sep2016

Companies in California continued to lead the way with $85 million in tax savings. Imports into New Jersey, Texas, and New York all faced $40-$45 million less in taxes because of GSP, while imports into Florida, Illinois, Georgia and Ohio all faced at least $20 million less in taxes because of GSP.

This map will be updated monthly as new trade data become available and the most up-to-date version will be available at all times on our Graphics page. These posts highlight some of the individual states, products, and countries with the biggest increases in January, February, March, April, May, June, July, August, and September.

And if you’re one of the companies benefiting from GSP renewal, be sure to answer our renewal impact survey here. You can see examples from companies that already answered the survey here, here, here, and here.

Posted in California, Florida, Georgia, Illinois, New Jersey, New York, Ohio, Texas | Leave a comment

GSP Saved American Companies $59 Million in September 2016

In September, the GSP program saved American companies $59 million on about $1.5 billion in imports. While the value of GSP imports decreased by about 5 percent, the tariff savings only decreased by 0.3 percent compared to September 2015.

Overall, GSP saved U.S. companies $531 million in the first nine months of 2016. GSP savings in 2016 are up about $40 million, or 8 percent, compared to the first nine months of 2015.

Some states, such as Hawaii and Delaware, saw particularly large increases in GSP imports and savings compared to September 2015, as shown in the graphic below.

gsp_sept2016_snapshot

In Hawaii, GSP imports increased by about 58 percent and savings by about 51 percent compared to one year earlier. Food products and fresh orchids from Thailand, costume jewelry from the Philippines, and plastic preforms from Turkey contributed the most to Hawaii’s GSP increases.

In Delaware, GSP imports increased by 80 percent and savings from GSP by 144 percent compared to one year earlier. Chemicals from India and Brazil along with plastic kitchenware from Turkey contributed most to Delaware’s GSP increases.

Savings on GSP imports from Nepal more than doubled to $83,000, led by increased imports of handicrafts into Texas. GSP eliminated about $200,000 in import taxes on musical keyboards in September, with about  $175,000 saved on imports into California alone.

Reminder for GSP importers: if your company is not on our free GSP supporter list, please add your name here. Also, we are still looking for responses to our GSP renewal impacts survey, which you can complete here.

Posted in Brazil, California, Delaware, GSP, Hawaii, India, Nepal, Philippines, Texas, Thailand, Turkey | Leave a comment

A State-By-State Breakdown of the $472 Million in GSP Tariffs Savings Through August 2016

In the first eight months of 2016, GSP saved American companies about $472 million in eliminated tariffs. Hawaii joined the list of states for which GSP eliminated at least $1 million in tariffs on imports, bringing the total to 38 states (plus Puerto Rico).

The map below shows the overall GSP imports and savings by state from January to August.

gsp_savings_map_jan-aug2016

Companies in California continued to lead the way with $76 million in tax savings. Imports into New Jersey, Texas, and New York all faced $35-$40 million less in taxes because of GSP, while imports into Florida, Illinois, and Georgia all faced $25-$30 million less in taxes because of GSP. This map will be updated monthly as new trade data become available and the most up-to-date version will be available at all times on our Graphics page.

These posts highlight some of the individual states, products, and countries with the biggest increases in January, February, March, April, May, June, July, and August.

And if you’re one of the companies benefiting from GSP renewal, be sure to answer our renewal impact survey here. You can see examples from companies that already answered the survey here, here, here, and here.

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GSP Saved American Companies $62 Million in August 2016

In August, the GSP program saved American companies $62 million on about $1.6 billion in imports. The value of GSP imports increased by about 5 percent, while tariff savings increased by about 11 percent compared to August 2015.

Overall, GSP saved U.S. companies $472 million in the first eight months of 2016. GSP savings in 2016 are up about $40 million, or 9 percent, compared to the first eight months of 2015.

Some states, such as Colorado and North Carolina, saw particularly large increases in GSP imports and savings compared to August 2015, as shown in the graphic below.

gsp_aug2016_snapshot

In Colorado, GSP imports increased by about 19 percent and savings by about 46 percent compared to one year earlier. Optical goods from the Philippines, electric motor parts from India, and monumental building stone from Brazil all contributed to Colorado’s GSP increases.

In North Carolina, GSP imports increased by 14 percent and savings from GSP by 21 percent compared to one year earlier. Chemicals from the Philippines, batteries from Indonesia, and furniture fittings from Thailand contributed most to North Carolina’s GSP increases.

Savings on GSP imports from Brazil jumped 30 percent, led by increased imports of machining centers in Ohio. GSP eliminated about $184,000 in import taxes on microphones in August, with more than $100,000 saved on imports into California alone.

If your company imports under GSP, be sure to answer our GSP renewal impacts survey here.

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