Waite Featured in American Metal Market Story on Currency Legislation
Frederick P. Waite, of counsel in the firm’s Washington D.C. office, was quoted in an American Metal Market story entitled “China currency bill misunderstood: trade lawyers.” The story is about the Currency Exchange Rate Oversight Reform Act, known as the China currency bill, and its possible impact on trade.
The story states: “If the legislation passes, the Treasury and Commerce departments may declare that currency manipulation is a type of subsidy and allow some sectors--like the metals industry--to seek remedy against imports. But considering the complicated process of anti-dumping and countervailing laws in the United States, a new law may not automatically be the silver bullet. ‘The provision about currency manipulation as a countervailable subsidy requires bringing a case, and that's a long-term, difficult and very expensive proposition,’ Frederick P. Waite, a lawyer at Washington-based Vorys, Sater, Seymour & Pease LLP, said. ‘Many industries and sectors don't have the capital or resource to file a case like that.’”
To read the story, please visit the American Metal Market website. (Subscription required).