Treasury Department

The United States agreed to suspend plans to raise tariffs on $250 billion worth of Chinese goods from 25 percent to 30 percent in exchange for commitments from China to step up purchases of U.S. agricultural goods and abide by new currency rules, sources tell Inside U.S. Trade.

Lighthizer, Mnuchin and Chinese Vice Premier Liu He set up the next round during a phone call this week.

“As a result of this determination, Secretary Mnuchin will engage with the International Monetary Fund to eliminate the unfair competitive advantage created by China’s latest actions.”

Treasury official says U.S. must act to curb other countries from considering digital services taxes.

In response to France’s imposition of a digital services tax, Treasury Secretary Steven Mncuhin should consider using a provision of the Internal Revenue Code that allows the president to double tax rates for foreign companies and individuals, the leaders of the Senate Finance Committee said on Monday

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.