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U.S. finalizes rule to slap duties on countries that undervalue currencies
By Andrea Shalal
Monday, February 3, 2020
WASHINGTON -- The U.S. Commerce Department today 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.
The move could provide a fresh irritant in U.S.-China trade talks just weeks after the world's two largest economies signed a Phase 1 trade agreement, and comes a day after Beijing accused Washington of spreading fear about the fast-spreading coronavirus that originated in China.
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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.
Commerce said it would generally rely on the Treasury's expertise in determining undervaluation, but the two processes could come to different conclusions since they resulted from different statutes. The draft rule was first published in May. ...
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