GOSHEN – Companies interested in the benefits of locating in Orange County Foreign Trades Zone #37 have increased since President Donald Trump imposes higher tariffs on trade with foreign countries, according to the county’s economic development director.
Companies within the FTZ may import product components duty-free, assemble and store them, and not pay tariffs until they are removed from the zone, said County Economic Development Director Steven Gross
“In the last year with what has been put in place by the federal government with tariffs, people have really gained some interest in the foreign trade zone, and it actually doubled the number of businesses in the foreign trade zone in the last 12 months or so,” he told the oversight committee of the county legislature on Monday.
The foreign trade zone was initially housed in the SAGE building at Stewart International Airport at Newburgh, but businesses across New York can take advantage of its benefits.
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