'Limited Duty Deferral' for Importers Gets ITI, NRF Cheers
The Trump administration’s 90-day “limited duty deferral” for importers is “welcome news to retailers,” said National Retail Federation CEO Matthew Shay Monday. Many importers are getting “diminished or no revenue” during the pandemic “while still incurring costs, including the duties,…
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taxes, and fees associated with imported merchandise for their clients and supply chains,” said Customs and Border Protection Sunday. “Aggravating matters, many major retail chains” are closing their stores voluntarily or to comply with mandated shutdowns, it said. The 90-day deferral “provides some retailers with additional liquidity and better cash flow, giving hope for business continuity and a faster recovery once the pandemic has passed,” he said. The deferral doesn’t apply to the Section 301 tariffs on Chinese goods, which remain in effect. “We encourage the administration to broaden these deferrals for additional relief,” said Shay. The Information Technology Industry Council welcomes the administration's "action to alleviate tariff burdens," said CEO Jason Oxman Monday. "We urge more expansive action for the more than $370 billion of goods subject to Section 301 tariffs," he said: "Deferring payment on these tariffs would provide much-needed flexibility and facilitate the delivery of assets to U.S. healthcare providers, companies, and consumers” amid COVID-19.