GSP suspension affecting US firms

Since the suspension of the GSP scheme in July 2013, it's not only Bangladesh but US firms too that are also bearing the brunt.  The loss for the US firms has been an estimated at $2 million per day and the total amount of loss, to date, is no less than $850 million. According to a speaker of the US House of Representative some US business firms are not only losing money, laying off workers; cutting workers' benefits  and compensating for higher taxes , but many are facing closure as they are failing to remain competitive in the market.  The reality is a huge number of US entrepreneurs consist of sole proprietorships, and majority of these are small businesses that can least afford a regular loss caused due to GSP suspension. However, if this continues then many small US business firms are likely to suffer abjectly. 

While welcoming the internal demand in the USA to end suspension of GSP, we urge Bangladesh to fulfill all '16 conditions' for a renewal of GSP facility. Though Bangladesh benefits a meagre $ 26 million out of a total export of some $5.58 billion to the US but holding GSP privileges plays a role in enhancing one's commercial repute.

At any rate, now it's up to the US lawmakers to decide how soon they withdraw the GSP suspension proviso.