ITC September Data Shows GSP Expiration Losses Likely Top $200 Million, Says Coalition
American importers in September paid $56.5 million in tariffs on products previously eligible under the Generalized System of Preferences (GSP), according to the Coalition for GSP. The GSP program expired on July 31 following Congressional failure to pass renewal legislation…
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(see 13080110). The September $56.5 million figure, compiled independently by the Coalition for GSP from International Trade Commission (ITC) tariff data, represents a $20,000 increase from the Coalition for GSP August tariff totals. Since expiration, U.S. importers have paid roughly $1.85 million in daily tariffs on products previously eligible under GSP, the coalition said. Considering GSP will have expired for 119 days after Nov. 19, that daily figure translates to $205.4 million in additional tariffs for U.S. importers. The tariff hike estimate, prior to the ITC release of September data, was in the $180-200 million range, according to Dan Anthony, director of research and government relations at the Coalition for GSP, speaking at a Nov. 15 National Foreign Trade Council (NFTC) roundtable discussion (see 13111808).