February 13, 2018
|FOR IMMEDIATE RELEASE
(703) 527-6223 x3074
NACD Welcomes House Passage of Generalized System of Preferences Renewal
Today, National Association of Chemical Distributors (NACD) President Eric R. Byer praised the U.S. House of Representatives in the following statement for renewing the Generalized System of Preferences (GSP) program that expired at the end of December.
“Today’s passage of legislation in the House reinstating the GSP program is the first step in bringing back an important piece of our international trade agenda. The current lapse in GSP creates inconsistency both for companies here in the U.S. that are trying to create jobs and our trade partners overseas. In 2016, the GSP program saved American businesses $730 million in tariffs. Without it, importers are paying an estimated $2 million a day in new taxes on thousands of different products.
“NACD members, and many small businesses, rely on the GSP program to keep their costs down. Its expiration has had a significant impact on their operations, preventing companies from expanding their facilities and hiring new employees. NACD praises the House for coming together in resounding bipartisan fashion to renew this critical program that has benefitted the American economy, and urges the Senate to move quickly to pass similar legislation that restores GSP.”
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