US to impose duties on countries that undervalue their currencies

The U.S. Department of Commerce on Thursday proposed a new rule to impose anti-subsidy duties on products from countries that undervalue their currencies against the dollar, another move that could slap higher tariffs on Chinese products, Report informs citing the CNBC. 

The new rule also could put goods from other countries at risk of higher tariffs, including Japan, South Korea, India, Germany and Switzerland.

“This change puts foreign exporters on notice that the Department of Commerce can countervail currency subsidies that harm U.S. industries,” Commerce Secretary Wilbur Ross said in a statement.

“Foreign nations would no longer be able to use currency policies to the disadvantage of American workers and businesses,” he said.