Trump signs off on deferring tariffs for most-favoured nations for three months
WASHINGTON (REUTERS) - President Donald Trump has signed off on a plan to defer US tariffs on goods from countries with most-favoured nation status for three months, to help ease the economic fallout of the coronavirus, a source familiar with the decision said on Tuesday (March 31).
The plan would not apply to tariffs on Chinese and European goods subject to Section 301 tariffs or to steel and aluminium subject to Section 232 tariffs.
The source said it remained unclear when Mr Trump would sign an executive order deferring the levies
Once signed, it would give the US Treasury Department the authority to direct Customs and Border Protection to delay collecting tariffs on those imports for 90 days.
Some 400 chief executives of small, medium, and large companies from across the country urged Mr Trump in a letter on Tuesday 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 the US government, given virus-related shutdowns.
"Delaying duties helps us preserve cash flow - critically important during a prolonged period of little to no revenue," the CEOs wrote in a letter dated on Tuesday.
"At the same time, delaying duties does not undermine the effect of tariffs on trade flows because the money is still due."
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