NRF Applauds Introduction of GSP Renewal Legislation
For Immediate Release Stephen E. Schatz (202) 626-8119 SchatzS@NRF.com NRF Applauds Introduction of GSP Renewal Legislation Bipartisan Bill Would Prevent Massive Tariff Hike on August 1
Washington, July 18, 2013 – The National Retail Federation issued the following statement from Senior Vice President David French on the introduction of a bipartisan bill aimed at renewing the U.S. Generalized System of Preferences (GSP) trade program, which provides preferential duty-free entry for a wide variety of goods and inputs from designated developing countries. The program is set to expire on July 31.
“The American retail industry, an industry that supports one in four U.S. jobs, applauds the leadership of the House Ways and Means Committee for introducing this bipartisan bill that would extend the GSP program for an additional two years.
“With only two weeks left until GSP is set to expire, it is imperative that Congress move on this important trade priority, which benefits developing nations around the world and U.S. jobs, businesses and consumers.
"If Congress fails to extend GSP before the deadline, American retailers, mostly small- and medium-sized businesses, will face an extra $2 million per day in new taxes on everyday goods and inputs, like jewelry and sporting goods, which will translate into higher costs and prices for consumers.
“NRF encourages Congress to renew this important trade program before August 1.”
As the world’s largest retail trade association and the voice of retail worldwide, NRF represents retailers of all types and sizes, including chain restaurants and industry partners, from the United States and more than 45 countries abroad. Retailers operate more than 3.6 million U.S. establishments that support one in four U.S. jobs – 42 million working Americans. Contributing $2.5 trillion to annual GDP, retail is a daily barometer for the nation’s economy. NRF’s This is Retail campaign highlights the industry’s opportunities for life-long careers, how retailers strengthen communities, and the critical role that retail plays in driving innovation. www.nrf.com