Importers Push for Immediate, Retroactive GSP Renewal

The absence of General System of Preferences (GSP) tariff cuts have continued to take a significant toll on the revenues of U.S. importers across the commercial spectrum since the program’s July 2013 expiration, said 463 companies in a Jan. 28 letter addressed to House lawmakers and published by Renew GSP Today. “Over the past five and a half months, American companies like ours -- and our members -- have paid nearly $2 million per day in higher taxes while waiting for Congress to renew the program,” said the letter. “Most importantly, we use the GSP program to lower costs and remain competitive, and therefore need Congress to pass a retroactive renewal bill immediately.”