Currency Reform for Trade Act
House Ways and Means Committee Summary of H.R. 2378
China suppresses the value of its currency (the renminbi, or RMB), making China’s exports cheaper than they would be if China allowed its currency to be set by the market. China’s currency policy places a drag on U.S. economic growth and job creation. As a general matter, under the U.S. countervailing duty law, remedial tariffs can be imposed on imports benefiting from foreign government subsidies for export, if it is shown that imports benefiting from such subsidies cause or threaten injury to a U.S. industry producing the same or similar products. To date, however, the Department of Commerce has declined…
