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Continuing the trend toward increased oversight of forced labor
in supply chains (see our post from last week on groundbreaking German
legislation in this space), on March 18, 2021, the US Senate
Finance Committee will hold a hearing on fighting forced
labor. Specifically, the hearing will focus on [c]losing the loopholes and improving customs enforcement to
mandate clean supply chains and protect workers. This may
signal a continued trend in the US to combat forced labor in the
supply chains of domestically imported products.
This trend began in February 2016, when President Obama signed
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April 16, 2021
On April 16, the U.S. Treasury Department issued its semiannual
Report to Congress on Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the United States, the first release during the Biden administration and under Secretary Yellen. In this latest “FX report,” Treasury declined to designate any country for currency “manipulation,” reversing its December 2020 designation of Switzerland and Vietnam. However, it concluded that Switzerland and Vietnam, as well as Taiwan, met three criteria to trigger “enhanced engagement” to “address underlying causes” of currency undervaluation and external imbalances.
Q1:
What is the FX report and how does it determine “manipulation”?