WORLD Trump administration defers payment for importers in financial hardship amid COVID-19

WORLD

Trump administration defers payment for importers in financial hardship amid COVID-19

Xinhua

10:45, April 20, 2020

WASHINGTON, April 19 (Xinhua) -- The U.S. government has offered to defer payment of duties, taxes and fees for importers in financial hardship due to the COVID-19 pandemic, the Treasury Department announced Sunday.

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Photo: AFP

President Donald Trump on Saturday signed an executive order authorizing the secretary of the treasury to provide relief to certain U.S. businesses, including critical supply chains for U.S. manufacturers, during the pandemic, the department said in a statement.

"Pursuant to this authority, the Treasury Department and Customs and Border Protection today are issuing a joint Temporary Interim Final Rule providing importers, who have faced a significant financial hardship due to the outbreak, with the option for a 90-day deferment period on the payment of duties, taxes, and fees," the statement read.

This action addresses many of the growing concerns raised by importers and manufacturers, and reduces the financial burden of these stakeholders, the statement read.

However, it does not change the deadlines for tariffs and fees for goods subject to anti-dumping and countervailing duties, and Section 201, 232, and 301 tariffs, according to the Treasury Department.

The partial deferment came a few weeks after the trade community repeatedly urged the Trump administration to suspend all additional tariffs amid the COVID-19 pandemic.

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