Reeling apparel retailers may be able to put the brakes on duty payments for the next 90 days.
President Trump is reportedly prepared to announce a 90-day deferral on tariffs for certain imports, Bloomberg reported Tuesday, citing sources close to the matter. An official announcement, which is expected to be made in the form of an executive order, could come as soon as this week. Some apparel is expected to benefit from the tariff break.
The United States Trade Representative (USTR) could not be immediately reached for comment.
The move, which comes amid a mounting COVID-19 pandemic crisis, would defer payments for most-favored nation duties and isn’t expected to apply to Chinese goods tariffed higher in the trade war, according to Bloomberg. Most-favored nation, or MFN, tariffs are the highest rates countries agree to impose on other members of the World Trade Organization (WTO), for product groups like textiles, clothing and footwear.
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