Commerce Proposes Tariffs on Currency Manipulators
By Metal Center News Staff
on May 28, 2019
The U.S. steel industry offered support for a statement from the Commerce Department proposing the imposition of countervailing duties on countries that undervalue their currencies.
“We applaud (the) strong and forceful action by the Commerce Department to penalize those countries that engage in the unfair trade practice of manipulating the value of their currencies to benefit their own exporters -- at the expense of U.S. manufacturers,” said Thomas J. Gibson, president and CEO of the Washington-based American Iron and Steel Institute. “(The) announcement by Secretary Ross is a significant step by the Trump Administration to help triage the massive damage that undervalued currency is causing to our nation’s manufacturing sector, especially the steel industry.”
Earlier in the month, the domestic steel production industry saw the administration reverse course, removing tariffs on steel and aluminum products out of Canada and Mexico.