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The US Chamber of Commerce proposes to abolish duties for small businesses


May, 02 2025
watermark Economic news

The head of the U.S. Chamber of Commerce, Suzanne Clark, appealed to the presidential administration with an initiative to review the existing system of duties. She called for their abolition for small importing enterprises. She also proposed to waive tariffs on goods that are not produced in the country. 


In her opinion, such measures will help avoid an economic downturn and protect small businesses from devastating consequences that may turn out to be irreversible.


Clarke sent her proposals in an official letter to key government representatives. Among the recipients are Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, and U.S. Trade Representative Jamison Greer. 


The document also calls for the development of a special mechanism allowing companies to obtain exemption from duties. This will be possible if they justify that the current import tariffs pose a significant risk to jobs in the country.


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Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.