NHK reported today that the U.S. Department of Commerce announced yesterday that it is studying a system for imposing higher tariffs on countries that engage in willful currency manipulation to promote exports. Based on an order from President Trump, the Commerce Department said it will introduce a rigorous system for imposing high tariffs on countries undertaking currency manipulation to make their exports cheaper, on the grounds that such actions constitute unfair virtual subsidies, which can be penalized with higher tariffs under international rules. NHK said that this is seen as a means to demonstrate to China a new way to slap higher tariffs on its products in an effort to put more pressure on it in the ongoing trade talks. The network also noted that Japan, along with China and South Korea, are among the six countries on the U.S.’s currency manipulator watch list. TV Asahi aired a similar report.
U.S. Commerce Department to impose higher tariffs on currency manipulating countries
- May 24, 2019
- , NHK, TV Asahi
- JMH Summary
- China