After nearly two long years of expiration, GSP went back into effect this morning. American companies no longer must pay the import taxes on GSP-eligible products. A cause for celebration indeed!
This should benefit the estimated 1,000+ shipments that claim GSP daily. And when you have a shipment come in that doesn’t face tariffs because of GSP renewal, we’d love if you could email us a quick sentence or two like this:
We had a shipment of chemicals come in from Thailand today. GSP being reinstated saved us $4,500.
No amount is too small and of course, feel free to provide more details if you’d like. (Please also let us know if you’d like to remain anonymous.)
As GSP reinstatement moves forward and you begin to receive refunds for tariffs paid during the expiration, we’d also love to hear from you if your company is taking positive steps (e.g., hiring workers, making job-creating investments, etc.) as a result of GSP renewal. We detailed one such example here.
The next potential GSP expiration will roll around before you know it. The more positive GSP impacts we can show between now and then, the better positioned we’ll be to advocate for renewal.