India, Brazil take aim at Commerce’s currency devaluation proposal

The governments of India and Brazil this week joined others in blasting the Commerce Department’s proposal to use countervailing duties against trading partners that undervalue their currency relative to the dollar, calling it a blatant violation of World Trade Organization rules. Commerce in May introduced a draft rule aimed at clarifying how the agency “determines the existence of a benefit resulting from a subsidy in the form of currency undervaluation,” and asserting that “companies in the traded goods sector of...