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Kallanish Kallanish

Knowledge matters Knowledge matters

May, 29th 2020

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APR 01
16:44

US defers tariff collection for 90 days

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The US has opted to defer collection of tariffs from countries with “...most favoured nation” status for 90 days, Kallanish reports. 

The US’ stable of most favoured nations, a legally defined term, essentially encompasses members of the World Trade Organization and excludes countries that are not part of the organisation. 

The move is being jeered by the United Steelworkers labour union, among others.

"The argument that this move is necessary to increase 'liquidity' is also extremely troubling, as any flexibility it will afford will go to foreign producers and importers, while putting further strain on domestic manufacturers at a time when they can least afford it,” says USW International president Thomas Conway in a statement. "It's indisputable that the United States must take bold, decisive action to protect its economy. However, the beneficiaries of these actions must always be workers and their families. Foreign manufacturers have been exploiting loopholes in our current trade laws for too long. Now is not the time for backsliding into a broken system."