The Coalition For GSP Survey Hopes To Map The Impact Of The Program’s Expiration
The Coalition for GSP, a group of U.S. companies and trade associations organized to educate policy makers and others about the important benefits to American companies, workers and consumers of the Generalized System of Preferences (GSP) program, has launched a new survey of U.S. imports on the costs to date, both in tariffs paid and actions taken, due to the current GSP expiration.
The U.S. Generalized System of Preferences (GSP) program is designed to promote economic growth in the developing world by providing preferential duty-free entry for thousands of products when imported from one of 121 designated beneficiary countries and territories. It expired on December 31, 2020. U.S. businesses imported well over $20 billion worth of products under the GSP program in 2019, including many inputs used in U.S. manufacturing. The GSP program, which was instituted on January 1, 1976 by the Trade Act of 1974, also saved U.S. companies more than $1 billion in taxes in 2019.
The products covered by the GSP program are by design non-sensitive items, meaning they are not manufactured domestically in the U.S. Products that are eligible for duty-free treatment under GSP include most manufactured items, many types of chemicals, minerals and building stone, jewelry, many types of carpet and certain agricultural and fishery products.
The Coalition for GSP asks businesses impacted by the GSP expiration to compete the survey as soon as possible. It hopes to publish a report on the situation when Congress returns from recess in September. Click here for more information and to take the survey.