US Hits China With Currency Duties, Breaking New Ground

Law360 (November 24, 2020, 7:52 PM EST) -- The Trump administration announced a 122.5% levy on Chinese twist ties Wednesday, marking the first time it has hit Beijing with duties over allegations of currency manipulation.

In a preliminary ruling, the U.S. Department of Commerce found that China's "undervalued" currency was making its twist ties cheaper on the U.S. market. It is the second time the agency has treated a foreign currency as an illegal subsidy on the heels of a similar ruling against Vietnamese tires earlier this month.

Commerce Secretary Wilbur Ross issued a statement saying his agency would "continue to use the legal tools at our disposal to...

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