The U.S. Commerce Department on Monday finalized a new rule to impose anti-subsi...
WASHINGTON - The U.S. Commerce Department on Monday finalized a new rule to impose anti-subsidy duties on products from countries that it has determined undervalue their currencies against the dollar, including potentially China.
In theory, the new rule would allow the Commerce Department to impose duties on China, even though the U.S. Treasury Department recently removed its designation of China as a currency manipulator as part of the Phase 1 trade deal. The rule would not result in the application of such duties to all imports from a given country, because not all such imports injure U.S. industries, it said.
U.S. Commerce Secretary Wilbur Ross said the new rule marked another important step intended to “level the playing field for American businesses and workers.” The Commerce Department said it would not normally include monetary and related credit policy in determining whether a government had acted to reduce the exchange rate of its currency to bolster its domestic industry.
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