December 22, 2017
|FOR IMMEDIATE RELEASE
(703) 527-6223 x3074
NACD Urges Reauthorization of Generalized System of Preferences
Today, National Association of Chemical Distributors (NACD) President Eric R. Byer urged the U.S. House of Representatives and the U.S. Senate to renew the U.S. Generalized System of Preferences (GSP), which provides importers with tariff relief on many products from certain developing countries.
“The failure to reauthorize GSP by both the House and Senate hurts an important piece of our international trade agenda and 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 will pay 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. Ensuring companies of all stripes can continue to take advantage of its benefits has a significant impact on their operations, allowing them to expand their facilities and hire new employees. NACD strongly urges both the House and Senate to reauthorize this critical program as quickly as possible so small businesses like chemical distributors can have the certainty needed to run their companies efficiently and effectively.”
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