GSP Matters for Washington a feature by @RenewGSPToday

July 01, 2013 News

As a world-class chemical distributor, we import various products into the USA every day and the impact of the current expiration of the GSP program is alarming. Featured below is a pulicaiton from @RenewGSPToday – which explains how American compaines are now faced with an estimated #2 Million per day in new taxes.

GSP MATTERS FOR WASHINGTON – read the document publisher here or view the detials below:

The Generalized System of Preferences (GSP) program allows U.S. companies to import certain products duty free from developing countries. GSP should have waived tariffs on $18.5 billion worth of imports and saved American companies $689 million in 2013.

However, GSP expired on July 31, 2013. As a result, American companies, including those in Washington, must pay nearly $2 million per day in higher taxes and will continue to do so until Congress passes legislation to renew GSP.

Washington’s 2013 GSP Imports*
$261 million

Washington’s 2013 GSP Savings*
$8.4 million

Average Tariff Without GSP