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Rail News: Intermodal

NRF: Delay of import duty collection helps retailers survive


The National Retail Federation (NRF) today issued a statement in support of the Trump administration's announcement late yesterday that it would delay the collection of import duties amid the COVID-19 pandemic.

"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," said NRF President and Chief Executive Officer Matthew Shay in the prepared statement. "We encourage the administration to broaden these deferrals for additional relief."

The challenges to the retail industry brought on by the pandemic are "severely acute, at best," Shay said.

"This deferral provides some retailers with additional liquidity and better cash flow, giving hope for business continuity and a faster recovery once the pandemic has passed," he added.

Over the weekend, President Donald Trump signed an executive order authorizing U.S. Treasury Secretary Steven Mnuchin to provide relief to certain U.S. businesses, including critical supply chains for U.S. manufacturers, during the pandemic.

"By postponing the deadline to deposit certain duties, taxes and fees for 90 days, we are providing much needed relief to affected businesses," said Mnuchin in a press release. "This will protect American jobs and help these businesses get through this time."

Contact Progressive Railroading editorial staff.

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