NACD Comments on Removing India and Turkey from GSP
ARLINGTON, VA – The National Association of Chemical Distributors (NACD) President Eric R. Byer issued a statement expressing the association’s disappointment in the U.S. Trade Representative’s (USTR) announced decision to remove India and Turkey from the Generalized System of Preferences (GSP) program that provides U.S. importers with tariff relief on thousands of goods.
Byer commented, “U.S. chemical distributors import nearly $1.5 billion worth of goods from India and Turkey every year that are subject to zero tariffs under the GSP program. Removing these countries from GSP, and thus the duty-free status of the chemical products imported from them, will harm our domestic economy by increasing tariffs on these products by $72.2 million annually. This amounts to a 4.9 percent price increase on these goods, which will inevitably be passed onto chemical distributors’ customers and the broader public.