The United States plans to impose countervailing duties on the country’s exports｜Personal Loan｜EMVertex Credit

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The Commerce Department said May 23 it is proposing to impose anti-subsidy duties on products from countries that hold down their currencies against the dollar. The move is likely to result in higher taxes on Chinese exports to the us and further intensifies us attacks on global trade rules.
Others who could face the same fate include Japan, South Korea, India, Germany and Switzerland.
The Federal Register said in a May 23 notice that the new rules would allow U.S. companies to seek countervailing duties against products from countries accused of engaging in competitive currency devaluations. No country has yet met its criteria, but the department will set a broader standard by focusing on “undervalued” currencies. The finance ministry decides whether any other country’s currency is undervalued, while the commerce ministry is responsible for the actual taxation. The ministry specifically noted that the measures are not aimed at normal currency and related credit policies that lead to exchange rate fluctuations by independent central Banks or monetary regulators.
These countries, including China, have been included in the “watch list” of the department’s semi-annual monetary policy report. The Commerce Department cited their involvement in currency markets, high global current account surpluses and high bilateral trade surpluses. The department said its proposed rules would modify the normal countervailing duty procedures to include new standards for currency undervaluation.
“This change brings to the attention of foreign exporters the ability of the Commerce Department to offset subsidies that harm U.S. businesses,” secretary Wilbur Ross said in a statement. “foreign countries will not be able to use monetary policy to disadvantage U.S. workers and businesses.”
Ross said it was a move toward fulfilling U.S. President Donald trump’s campaign promise to target unfair currency practices.
Via:hk01-News

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