Business groups applaud Trump's tariff relief

Business groups applaud Trump's tariff relief
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Business groups on Monday applauded President TrumpDonald John TrumpNew Jersey incumbents steamroll progressive challengers in primaries Tucker Carlson ratchets up criticism of Duckworth, calls her a 'coward' Trump on Confederate flag: 'It's freedom of speech' MORE's decision to defer collecting some tariffs for 90 days but asked him to go further.

“The White House announcement that the government is providing a limited duty deferral for importers is welcome news to retailers struggling to find any good news during this extremely difficult time," National Retail Federation President Matthew Shay said in a statement. "We encourage the administration to broaden these deferrals for additional relief."

On Sunday, the Trump administration announced it would postpone some tariff collections for 90 days, providing temporary relief to businesses and consumers as the country grapples with coronavirus shutdowns.

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But the relief does not apply to all tariffs imposed as part of Trump's trade war. It excluded changes to antidumping and countervailing duties and tariffs under sections 201, 232 and 301 of the trade code, which Trump used to ramp up import taxes in the trade war.

Businesses have long been critical of the trade war, saying the substantial tariffs imposed on imported products are a drag on companies and end up hurting consumers.

The U.S. Chamber of Commerce, one of the largest business advocacy groups, has frequently been at odds with Trump over his trade policy but said the move could help struggling businesses facing a cash crunch.

“Providing some temporary tariff relief will help American businesses make payroll and retain employees in the coming weeks," said Chamber Executive Vice President Myron Brilliant. "With the current economic downturn, liquidity has become one of the top challenges for businesses of all sizes."