Warning: A Dangerous Subversive: 1% of comments CoCed
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US Department of Commerce’s harmful proposal
Last week, the US Department of Commerce finalised its rule on treating currency ‘undervaluation’ as a countervailable subsidy. It is a poorly conceived proposal and harmful to longstanding US international monetary and financial policies. Commerce gave little, hollow consideration to many comments submitted on its draft proposal. It acknowledges that there is no precise way to measure equilibrium exchange rates and thus under/overvaluation. But it discusses a raft of possible measures and asserts that Commerce is accustomed to making difficult assumptions to undergird its (controversial) countervailing duty ... (full story)