[20200213]IN11138_货币操纵和反补贴税.pdf

CRS INSIGHT Prepared for Members and Committees of Congress INSIGHTINSIGHTi i Currency Manipulation and Countervailing Duties Rebecca M. Nelson Specialist in International Trade and Finance Christopher A. Casey Analyst in International Trade and Finance Updated February 13, 2020 On February 4, 2020, the Commerce Department issued a final rule that paves the way for imposing tariffs on imports from countries determined by the U.S. government to be undervaluing their currency relative to the U.S. dollar. Various Members of Congress have debated such a policy for years, including in 2013 and 2015, but Congress has refrained from legislating it due to a variety of concerns. Currency Manipulation For more than a decade, some policymakers and analysts have expressed concerns that U.S. exports and jobs have been harmed by unfair exchange rate policies of other countries (“currency manipulation”). They argue that other countries have purposefully weakened their currency relative to the dollar to boost exports, at the expense of U.S. firms and workers. However, there are a number of factors that drive exchange rates, and it is difficult to estimate the extent to which a currency is underval