Treasury Department

The Organization for Economic Cooperation and Development hopes to develop new global income tax rules by the end of 2020 that would prompt countries to remove digital services taxes and pre-empt the imposition of new ones.

The Treasury Department, in its latest biannual report to Congress, has again found no currency manipulators among major U.S. trading partners, though it has made stringent changes to its monitoring list and expanded the number of countries assessed.

The Commerce Department on Thursday introduced a draft rule that would authorize the use of countervailing duties on countries that undervalue their currency relative to the U.S. dollar.

President Trump’s decision to raise tariffs on Chinese goods was sparked by Beijing's decision to renege on a series of commitments it had made in trade talks, U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mncuhin said on Monday.

The National Association of Manufacturers this week filed suit against the Treasury Department and Customs and Border Protection over a recently implemented rule they say bans “substitution drawback,” a program which allows importers to recoup paid tariffs or taxes if they export similar products.

Chinese Vice Premier Liu He will visit Washington the following week, according to the Wall Street Journal.

Customs and Border Protection and the Treasury Department this week issued a new set of duty drawback regulations banning producers from recouping tariffs on imported products if they export similar U.S.-made items that are exempt from taxes, claiming that U.S. industry is mistaken in its criticism of the change.