President Donald Trump will allow certain businesses to defer some tariff payments by three months, three sources told CNBC on Tuesday.
The president could announce the 90-day delay in tariff payments later Tuesday, one source said.
The tariff deferral will come amid the coronavirus pandemic, which has upended global trade and ground the U.S. economy to a halt.
It was not immediately clear which payments would be included in the deferral.
Sources said that the relief will likely be applied to “most favored nation” tariffs under the World Trade Organization.
Protectionist voices outside the White House have been pushing to exclude certain tariffs from the delay, including those under Section 232 of the Trade Expansion Act, which authorizes import duties on national security grounds.
Those people also want an exclusion for tariffs imposed under Section 301 of the Trade Act, which the U.S. used to slap import taxes on China.
Source: CNBC
