Industry groups want GSP renewal

Supply Chain

Thursday, February 07, 2013

A group of 138 U.S. companies and trade associations wants Congress to immediately renew the Generalized System of Preferences (GSP) program. GSP saves U.S. importers hundreds of millions of dollars by eliminating tariffs on products from about 130 developing countries. However, GSP is set to expire at the end of July and American companies would face $2 million per day in new taxes if Congress fails to renew GSP by Aug. 1, warned the Coalition for GSP. “GSP is a criti...

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