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Arlington, VA |
FOR IMMEDIATE RELEASE Matthew McKinney (703) 527-6223 x3074 mmckinney@acd-chem.com |
Today, National Association of Chemical Distributors (NACD) President Eric R. Byer issued the following 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.
“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.
“Across the chemical distribution supply chain, these tariff increases will lead to approximately 120 lost jobs, and our industry will see a drop of $21.5 million in economic output. Ultimately, consumers will pay higher prices due to the increased input costs for chemical distributors and their customers who manufacture products Americans use every day.
“NACD is disappointed USTR is taking such action to remove India and Turkey from a program vital to U.S. economic interests. We urge the Trump administration to reconsider this harmful decision, which will invariably weaken our economy and hurt job creators across all 50 states unless action is taken to restore India and Turkey to the GSP program.”
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