U.S. to Postpone Collection of Tariffs from Importers, while Still Levying Tariffs
Yesterday, President Trump signed an Executive Order “to temporarily extend deadlines, for importers suffering significant financial hardship because of COVID-19”.
This extended deadline will provide U.S. importers “with the option for a 90-day deferment period on the payment of duties, taxes, and fees.”
U.S. tariffs, like those in place on China, will remain in place. However, for up to 90 days, U.S. importers will be able to defer payment to the government on the amount collected from tariffs.
Recently, the Director of the World Trade Organization called for a “reduction and elimination” of global tariffs to offset the economic effects of Covid-19. For now, no trade agreement modifications are included in this relief effort, and President Trump says there are no plans yet to do so.