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What are countervailing duties?

April 26, 2017countervailing

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What are countervailing duties?

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Countervailing duties (CVDs) are assessed to counter the effects of subsidies provided by foreign governments to goods exported to the U.S. These subsidies cause the price of such goods to be artificially low, which causes economic “injury” to U.S. manufacturers.

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Unlike antidumping duties which are manufacturer specific, countervailing duties (CVD) are country specific. CVD cases are established when foreign governments subsidize and gives tax breaks to manufacturers therefore allowing them to sell their goods cheaper.

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Countervailing duties (CVDs) are assessed to counter the effects of subsidies provided by foreign governments, to merchandise that is exported to the U.S. These subsidies cause the price of such merchandise to be artificially low, which causes economic “injury” to U.S. manufacturers.

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Countervailing duties are those duties imposed when it has been determined that a foreign government is subsidizing a product exported from the foreign country and imported into the United States. It is one of the most fundamental laws against unfair trade. It has been on the books for quite some time. It was the intent of Congress when we adopted the Trade Act of 1974 that the President’s waiver authority not be extended past January 3 of next year. There is no justification for further extension of that authority, and I would hope, in order that we might proceed with discussion on the Sugar Act, that the chairman of the Finance Committee could agree simply to drop that provision. Mr. MUSKIE. Mr. President, will the Senator yield? Mr. HEINZ. I yield without losing my right to the floor. The PRESIDING OFFICER (Mr. HUDDLESTON). Without objection, it is so ordered. The Senator from Maine. Mr. MUSKIE. Mr. President, I share the Senator’s concern over the provisions that have been added to