The US says it will defer tariff payments for companies burdened with “significant financial hardship” from the coronavirus pandemic — but not those embroiled in various trade conflicts.
Importers will have a 90-day delay option for the fees, according to the Treasury Department and Customs and Border Protection. The order is meant to provide relief for firms undergoing widespread layoffs and severe supply-chain disruptions.
The executive order is meant to bring “much-needed relief to affected businesses,” Treasury Secretary Steven Mnuchin said in a statement. “This will protect American jobs and help these businesses get through this time.”
The temporary measure does not apply to antidumping or countervailing tariffs, and it leaves retaliatory duties on numerous goods related to President Donald Trump’s trade wars. Several Chinese goods, steel, solar panels, and aluminum will be taxed on the same schedule.