Markets Wired

WASHINGTON — On April 18, 2020, President Donald J. Trump signed an Executive Order authorizing the Secretary of the Treasury to provide relief to certain U.S. businesses, including critical supply chains for U.S. manufacturers, during the COVID-19 pandemic. 

 

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. 

 

This action does not change deadlines for tariffs and fees for goods subject to antidumping and countervailing duties (AD/CVD), and Section 201, 232, and 301 Trade Remedies.

 

“By postponing the deadline to deposit certain duties, taxes, and fees for 90 days, we are providing much-needed relief to affected businesses,” said Treasury Secretary Steven T. Mnuchin.  “This will protect American jobs and help these businesses get through this time.”

 

Treasury and CBP have been working closely with the trade community throughout the COVID-19 pandemic.  This action addresses many of the growing concerns raised by importers and manufacturers, and it reduces the financial burden of these stakeholders.

 

For updates on this and other initiatives, visit Treasury.gov/CARES and follow CBP Office of Trade on Twitter @CBPTradeGov.

 

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