Trump deferral of some tariffs leads to call for more
President Donald Trump issued an executive order Monday deferring tariffs on some products for 90 days.
Sen. Dianne Feinstein, D-Calif., noted that the executive order requires tariffs to still be paid. The deferment will give companies experiencing severe cash flow problems due to the economic crisis more time to stabilize their financial situations.
“President Trump is deferring certain tariff payments during the coronavirus pandemic,” Feinstein said. “Too many companies and small businesses are hurting right now and this much-needed relief will help them keep American workers on the job.”
“While I applaud this decision, the president should consider going even further and defer all tariff payments for at least 90 days or until this economic crisis passes. Doing so would help more businesses maintain enough liquidity to weather the pandemic.
“California employers large and small have called for tariff relief to help keep cash on hand to pay their employees. Deferring all tariffs now would alleviate their concerns and help lower costs for families struggling to make ends meet.”
Feinstein noted she had led a bipartisan letter last month calling on the Trump administration to defer all tariffs for 90 days or until the coronavirus pandemic passes.
Farmers for Free Trade Co-Executive Director Brian Kuehl said, “This is a positive step for struggling small businesses and a welcome admission that tariffs are paid by Americans, not other countries.”
“However, much more needs to be done. As the rural economic crisis deepens, it’s disappointing that American farmers, whose industry is reliant on exports, continue to be hamstrung by retaliatory tariffs brought about by the trade war. An instant shot in arm would be to immediately and permanently end the tariffs on both imports and exports.
“The solution to providing farmers with long-term, stable market access again begins with ending the trade war now. Now more that ever our farmers, small businesses and rural communities across America need clarity, certainty and confidence in order to successfully navigate the ever-changing trade and COVID landscape.”