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1 1 (February 13, 2020)

handle is hein.crs/govcafs0001 and id is 1 raw text is: * Conqrcissioa flasearch Service Currency Manipulation and Countervailing Duties Updated February 13, 2020 On February 4, 2020, the Commerce Department issued a final rule that paves the way for imposing tariffs on imports from countries determined by the U.S. government to be undervaluing their currency relative to the U.S. dollar. Various Members of Congress have debated such a policy for years, including in 2013 and 2015, but Congress has refrained from legislating it due to a variety of concerns. Currency Manipulation For more than a decade, some policymakers and analysts have expressed concerns that U.S. exports and jobs have been harmed by unfair exchange rate policies of other countries (currency manipulation). They argue that other countries have purposefully weakened their currency relative to the dollar to boost exports, at the expense of U.S. firms and workers. However, there are a number of factors that drive exchange rates, and it is difficult to estimate the extent to which a currency is undervalued, and why it is undervalued. The United States currently combats currency manipulation with unilateral and multilateral tools. Under U.S. law, the Treasury Department produces a semiannual report on exchange rate policies in other countries and, in specified instances, must initiate action against countries engaged in currency manipulation. The United States also addresses currency manipulation through the G-7 and the G-20, multilateral forums where major economies discuss and coordinate economic policies. The United States is also a member of the International Monetary Fund (IMF), an international organization through which countries have committed to refrain from currency manipulation, although there are questions about the IMF's ability to enforce currency commitments. The Commerce Department's Rule Change During the 2016 presidential campaign, Donald Trump raised currency manipulation, particularly by China, as a key concern. Since assuming office, the Trump Administration has taken various actions to address it. The United States-Mexico-Canada Agreement (USMCA) includes enforceable commitments on exchange rates, the first time such a provision has been included in a U.S. trade agreement; the Treasury Department designated China as a currency manipulator under the 1988 Trade Act between Congressional Research Service https://crsreports.congress.gov IN11138 CRS NStGHT Prepai-ed for ferbei-s amnd Comn ttees o. Co qess ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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