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New USVI watch quota gets final clearance
WASHINGTON - The federal government has given U.S. Virgin Islands (USVI) watchmakers the go-ahead to produce 4.2 million units for duty-free shipment to the United States this year.
The new quota, proposed earlier this year, was given final clearance by the Department of Commerce and the Department of the Interior along with two new benefits.
One would raise to $175 the value of components used in duty-free watches. Another would expand the partial wage credit by applying it to wages paid to workers who assemble watches from components that exceed the $175 value limitation. The additional credit would be …