Word: opic
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Dates: during 2000-2009
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...substantial dollar currency reserves.” According to the recent bills, should a country be identified as a currency manipulator, the U.S. government would then impose punitive antidumping tariffs on imports from the country. In addition, one of the bills stipulates that the Overseas Private Investment Corporation (OPIC) could not approve any new financing with respect to a project located in a country whose currency was deemed fundamentally misaligned. Considering both bills’ recent high levels of support in Congress, many expect the introduction of a consolidated bill soon, one that incorporates all of these ideas into...
...legislation’s political consequences, however, are manifest. By taxing Chinese imports, the United States would adopt a protectionist stance that would set an international precedent contradictory to the promotion of free trade. Further, in forcing OPIC to deny new financing to countries with “fundamentally misaligned currencies,” the bill would distance the U.S. from the very emerging market economies that the government would want to participate in free trade...