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U.S. countervailing duty proposed rule changes

U.S. countervailing duty proposed rule changes

The U.S. Commerce Department, International Trade Administration (ITA), released for publication in the Federal Register a proposed rule to modify the regulations concerning the U.S. countervailing duty procedures.

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The proposed rule [PDF 383 KB] would affect U.S. countervailing duty investigations when there are allegations that a country is providing a subsidy in the form of undervaluing its currency (relative to the U.S. dollar). The proposed rule would further clarify that companies in a sector that trade in the subject goods could be deemed to be a group of enterprises for purposes of determining whether a subsidy is specific. The proposed rule identifies the criteria to be used to determine if countervailing duties are to be imposed for currency undervaluations.

The proposed rule will appear in the Federal Register on May 28, 2019.

As further explained in a related Commerce Department release, the proposed rule would impose countervailing duties on countries that act to undervalue their currency relative to the dollar, resulting in a subsidy to their exports. U.S. law defines a countervailable subsidy as a financial contribution from a government or public entity that is specific and that provides a benefit to a foreign producer or exporter.

 

For more information on this topic or to learn more about KPMG’s Trade & Customs Services, contact:

Doug Zuvich
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T: 312-665-1022
E: dzuvich@kpmg.com

John L. McLoughlin
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E: jlmcloughlin@kpmg.com

Andy Siciliano
Partner and National Practice Leader
T: 631-425-6057
E: asiciliano@kpmg.com

Luis (Lou) Abad
Principal, Washington National Tax
T: 212-954-3094
E: labad@kpmg.com

Irina Vaysfeld
Principal
T: 212-872-2973
E: ivaysfeld@kpmg.com

Amie Ahanchian
Managing Director
T: 202-533-3247
E: aahanchian@kpmg.com

Robert Waldrop
Principal
T: 212-954-8117
E: rwaldrop@kpmg.com

Gisele Belotto
Managing Director
T: 305-913-2779
E: gbelotto@kpmg.com

Christopher Young
Principal
T: 312-665-3229
E: christopheryoung@kpmg.com

Andy Doornaert
Managing Director
T: 313-230-3080
E: adoornaert@kpmg.com

George Zaharatos
Principal
T: 404-222-3292
E: gzaharatos@kpmg.com

Jessica Libby
Managing Director
T: 612-305-5533
E: jlibby@kpmg.com

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