On October 8, 2020, the U.S. Trade Representative (USTR) announced that it had initiated two separate investigations—pursuant to Section 301 of the Trade Act of 1974—with respect to Vietnam’s trade with the United States. The USTR will review, in consultation with the Treasury Department, any practices that may have contributed to the alleged under valuation of Vietnam’s currency and thus may have impaired the competitiveness of U.S. products (by making them more expensive to foreign buyers). The USTR has requested consultations with the government of Vietnam, sought public comments on the investigations, and will hold virtual public hearing on December 29, 2020. Post-hearing rebuttal comments are due by January 7, 2021.
On December 16, 2020, the Department of the Treasury released Report on Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the United States, finding that Vietnam is a currency manipulator.
The release of this report occurred after the comment period deadline and deadline to appear at the December 29, 2020 hearing passed. Several industry organizations have requested USTR to reopen the comment period, to allow interested parties to request to appear at the hearing, and to delay the hearing and post-hearing comment deadline.
"This finding could have substantial impact on the ongoing investigation," said the interested parties, "Our view is that the law provides that interested parties that are engaged in administrative proceedings are entitled to a meaningful opportunity to be heard both under the Administrative Procedures Act (APA) and the Constitution. We therefore respectfully request an opportunity to comment on the highly relevant information contained in Treasury’s report."
The signatories organizations are:
Accessories Council
American Home Furnishings Alliance
American Apparel & Footwear Association
Consumer Technology Association
Council of Fashion Designers of America
Fashion Accessories Shippers Association
Fashion Jewelry & Accessories Trade Association
Footwear Distributors & Retailers of America
Gemini Shippers Association
Halloween Industry Association
Hardwood Federation
Home Furnishings Association
International Wood Products Association
Juvenile Products Manufactures Association
Outdoor Industry Association
National Foreign Trade Council
National Marine Manufacturers Association
National Retail Federation
Recreational Vehicle Industry Association
Retail Industry Leaders Association
Semiconductor Industry Association
Toy Association
Travel Goods Association
U.S. Chamber of Commerce
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