President Donald Trump is doing everything he can to help victims of the Coronavirus outbreak.
That’s why President Trump has just issued an executive order on Sunday night giving his Treasury Secretary the power to postpone required tariff payments for companies suffering because of Coronavirus.
By doing this, President Donald Trump is ensuring that companies will not be hit too hard by the restrictions he put in place months ago to bring China to the negotiating table regarding tariffs.
According to the Washington Times, the president’s order allows Treasury to defer tariff payments “for importers suffering significant financial hardship because of COVID-19.”
But Don’t Worry, They Will Pay Eventually
Although this order allows payments to be deferred, it is only a temporary deferment. Eventually, the money must be payed back.
It’s not clear what tariffs could be affected. But some U.S. companies are paying tariffs as high as 25% while dealing with lost sales and lower demand due to the widespread coronavirus shutdown.
Treasury Secretary Steve Mnunchin is very happy with Trump’s decision and believes it will boost the economy:
“By postponing the deadline to deposit certain duties, taxes, and fees for 90 days, we are providing much-needed relief to affected businesses. This will protect American jobs and help these businesses get through this time.”
Mnunchin continued by saying that Donald Trump’s executive action “addresses many of the growing concerns raised by importers and manufacturers, and it reduces the financial burden of these stakeholders.”
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