COVID-19 Cost Reductions of Some Export Services

 |  Coronavirus, COVID-19, Exporting, USFCS

The U.S. Department of Commerce’s International Trade Administration (ITA) and U.S. & Foreign Commercial Service (USFCS) are granting relief to U.S. companies by temporarily reducing or eliminating costs of several export services. These efforts are intended to encourage the export of non-COVID-19 treatment-related “Made in the USA” products around the world during this economic transition of recovery.
U.S. Secretary of Commerce Wilbur Ross stated, “Today’s action is another example of President Trump’s commitment to ensuring American businesses have immediate access to every available tool to remain competitive and help rebuild our economy as we recover from COVID-19. These fee reductions will increase connectivity to export services as our Nation’s exporters help fuel our economic revival.”
The USFCS is authorized to reduce user fees and services by up to 100 percent for U.S. small and medium-sized enterprises and economic development organizations, and by up to 50 percent for large U.S. companies, for U.S. companies that produce goods or services for export.
In 2019, ITA assisted nearly 30,000 clients, supporting U.S. industry with $88.3 billion in exports of goods and services and helping the facilitation of $18.5 billion in foreign direct investment into the United States. ITA is the premier federal resource for American companies competing in the global marketplace.
Contact Stephen J. Rodis, CPA regarding questions about this article.

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