White House Reportedly Considering Measure to Deter Chinese Currency Manipulation
The Trump administration is reportedly considering a policy to prevent China from devaluing its currency to stimulate exports, according a Wall Street Journal article (here). The new National Trade Council (NTC) within the White House is formulating the plan, which…
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would instruct the commerce secretary to designate the act of currency manipulation by any country as an unfair subsidy, putting U.S. companies in a position to bring countervailing actions to the Commerce Department, according to the article. Although part of a "China strategy" being drafted by the NTC, the plan would not single out China, the report said. Sen. Sherrod Brown, D-Ohio, a longtime critic of Chinese currency manipulation (see 1611160034), lauded such a policy. “Giving the Commerce Department authority to go after currency manipulation in trade cases is the most meaningful way we can provide relief for American manufacturers who’ve been hurt by this unfair practice and I urge the White House to move quickly,” Brown said in an emailed statement. The White House didn’t comment.