USA defers import duties for US businesses hit by COVID-19

Apr 20, 2020

The US government has announced that US businesses hit hard by the coronavirus pandemic will be able to defer payments of a limited range of import tariffs for 90 days.

This exemption will not apply to the tariffs on more than $360bn of Chinese imports that were imposed by the US in December 2019.

It will also not apply to levies imposed by the US against imports of steel and aluminium over the past two years.

“This payment flexibility will be available only for importers with a significant financial hardship and will apply to payments for goods imported in March and April,” U.S. Customs and Border Protection said in a statement.

To qualify, companies also have to show a 60 percent decline in gross receipts for the comparable period in 2019, and the losses must result from partial or full closure due to government order, according to a Federal Register notice.

An eligible importer does not need to file additional documentation with CBP for this relief but must maintain documentation as part of their books and records establishing that they meet the requirements for relief.

If you currently use periodic monthly statements (PMS) to consolidate the payments of customs duties and fees for eligible shipments to be paid on a monthly basis, please contact your respective broker to amend the PMS ahead of midnight today (20th April 2020).

Similar Stories

US and Ecuador convene meeting of the Trade and Environment Committee under U.S.-Ecuador Trade and Investment Council

The Committee, chaired by Assistant United States Trade Representative for Environment and Natural Resources Kelly Milton, exchanged views and priorities regarding trade and environment policies, including addressing the climate crisis,…

View Article

https://www.ajot.com/images/uploads/article/Biden_at_podium.jpg

Biden-Harris Administration awards almost $5 million to small businesses to bring new CHIPS Technology to the commercial market

View Article

New US Government regulation on imports ‘will not put e-commerce genie back in the bottle’

The Biden administration is moving to curb low-value shipments entering the US duty-free under the $800 ‘de minimis’ threshold, which it says has been abused by Chinese e-commerce platforms such…

View Article

AAFA and FLA reiterate that interim Bangladesh gov. must focus on worker rights and ILO standards

In a joint letter to Dr. Mohammad Yunus — Chief Advisor of the Interim Government of the People’s Republic of Bangladesh — the American Apparel & Footwear Association (AAFA) and…

View Article