Washington—Senator Dianne Feinstein (D-Calif.) released the following statement on President Trump’s executive order deferring certain tariffs during the coronavirus pandemic:
“President Trump is deferring certain tariff payments during the coronavirus pandemic. 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.”
The executive order requires tariffs to still be paid but defers payments for 90 days. The deferment will give companies experiencing severe cash flow problems due to the economic crisis more time to stabilize their financial situations.
Senator Feinstein led a bipartisan letter last month calling on the Trump administration to defer all tariffs for 90 days or until the coronavirus pandemic passes. The letter can be read HERE.