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Trump Administration Defers Payments for Importers In Financial Crisis

WASHINGTON: US President Donald Trump administration has offered to defer the payment of duties, taxes and fees for importers amid the COVID-19 crisis, the Treasury Department has announced.

President Donald Trump signed an executive order authorising the Treasury Secretary to provide relief to certain US businesses including critical supplies changes for American manufacturers, during the pandemic, Xinhua news agency reported.

“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,” the statement read.

The measure aims to help businesses that have been hit by the coronavirus pandemic which has put millions of Americans out of work and is pushing the economy into a deep recession.

The deadlines for tariffs and fees for goods subject to anti-dumping and countervailing duties, and Section 201, 232, and 301 tariffs remain the same, according to the Treasury Department.

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