President Donald Trump is set to sign an executive order giving companies a 90-day grace period to pay tariffs, though the exemption won’t apply to imports of steel, aluminum or a wide range of Chinese goods
Lawmakers and business groups have ramped up pressure on the Trump administration to grant tariff relief to companies reeling from the coronavirus pandemic and the economic fallout.
“There’s never a bad time to embrace good policy, and tariff relief would provide some welcome breathing room for American businesses and consumers,” said Myron Brilliant, executive vice president for the U.S. Chamber of Commerce. “Liquidity has emerged as one of the top challenges for businesses of all sizes, and tariff relief— like the tax relief provided in the CARES Act— would alleviate some of that strain.
In other trade news, the USMCA will not go into effect on June 1 after officials in the U.S., Mexico and Canada failed to meet a deadline earlier this week. The earliest date that the updated North American trade deal can enter into force is July 1.