According to new data released this week, GSP expiration cost another $57 million in May 2014. With a daily cost of $1.84 million, American companies have paid $631 million because Congress has yet to renew GSP. The map below shows the breakdown of GSP imports and tariffs paid as a result of expiration by state through May.
There could be more bad news ahead: Congress will only have a few weeks in session from August 1 to mid-November. So if GSP is not renewed in the next few weeks, a best-case scenario likely involves companies paying at least $225 million in additional taxes. Who are these companies? You can see many of them here (and if you’re a GSP importer that’s not on the list, you should add your company here).
The congressional schedule for July is tight, which means companies need to tell their Senators and Reps to make GSP renewal a priority before the August recess. You can use the links above to do so. You can also join our “tariff Tuesdays” initiative, where we’re encouraging companies to reach out every Tuesday about the need to renew GSP.