US President Donald Trump has signed off on a plan to defer US tariffs on goods from countries with most-favored nation status for three months, to help ease the economic fallout of the COVID-19 pandemic, a source familiar with the decision said on Tuesday.
The plan would not apply to tariffs on Chinese and European goods subject to Section 301 tariffs or to steel and aluminum subject to Section 232 tariffs.
The source said it remained unclear when Trump would sign an executive order deferring the levies.
Once signed, it would give the US Department of the Treasury the authority to direct US Customs and Border Protection to delay collecting tariffs on those imports for 90 days.
About 400 chief executives of small, medium and large companies from across the country on Tuesday urged Trump in a letter to delay the collection of duties for a period of 90 to 180 days to give companies access to cash that would normally be paid to the US government, given coronavirus-related shutdowns.
“Delaying duties helps us preserve cash flow — critically important during a prolonged period of little to no revenue,” the CEOs wrote.
“At the same time, delaying duties does not undermine the effect of tariffs on trade flows, because the money is still due,” they wrote.
Trade ministers from the US and other G20 major economies on Monday agreed to keep their markets open and ensure the continued flow of vital medical supplies, equipment and other essential goods as the world battles the pandemic.
The deferral would apply to duties imposed on items from countries with most-favored nation status, such as footwear and apparel, giving US importers of such items a temporary reprieve.
White House National Trade Council Director Peter Navarro last week denied a report that the administration was considering a broader tariff relief measure that would have included goods from China.
The modified plan affects a smaller subset of imports.
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