Tariff Deferral Update for SPESA Members
The update below was sent previously to SPESA members via email by SPESA President Michael McDonald:
You likely heard about the tariff deferral announced by President Trump on April 19th for products imported into the United States. (Here is the Executive Order and the U.S. Customs and Border Protection announcement.)
Unfortunately, the decision will have little impact on SPESA members as it does not affect any of the products coming from China subject to the 301 tariffs.
However, if your company imports products that are significantly tariffed outside of the 301 tariffs, your company must meet the following criteria to qualify for these deferrals:
- The U.S. importer must be partially or fully shut down
- Its gross revenue must have declined by 60% or more in the latter half of March (March 13-31) or the month of April compared to its 2019 revenue in the same period
- The Tariff Deferral Rule only covers imports entered into the United States in March and April 2020 and offers no refund of previously paid tariffs.
If you meet all of these requirements and are interested in filing for a deferral, please reach out to me and I will assist in any way possible.
Michael can be reached at email@example.com.