New “countervailing” duties may be imposed on goods from countries that States suspect of undervaluing their currency against the dollar.
The US Department of Commerce has proposed the introduction of special “countervailing” duties on goods from countries that States suspect of undervaluation of their currency against the dollar. The head of the Ministry Wilbur Ross stated.
According to Ross, this measure is designed to prevent the actions of exporters from other countries, which allegedly can use the exchange rate of their currency to cause damage to “American producers.”
“This change makes foreign exporters aware that the Department of Commerce can compensate for foreign exchange subsidies that harm US industries.”
Thus, the United States will be able to legislate to increase duties on goods from countries where it believes there is an “unfairly undervalued” exchange rate that gives an advantage to local producers. Specific criteria for the selection of such countries in the message of the US Department of Commerce are not specified.