Trump admin defers payment for importers in financial crisis

US President Donald Trump

Washington, (Asian independent)¬†US President Donald Trump’s administration has offered to defer payment of duties, taxes and fees for importers in financial crisis due to the COVID-19 pandemic, the Treasury Department announced.

Trump on Saturday signed an executive order authorizing the Treasury Secretary to provide relief to certain US businesses, including critical supply chains for American manufacturers, during the pandemic, Xinhua news agency reported citing the Department as saying in a statement on Sunday.

“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 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.

As of Monday, the US has 759,467 coronavirus cases, with 40,677 deaths.