Sec. 6. Failure to adopt appropriate policies
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Not later than 90 days after the date on which a currency is designated for priority action pursuant to section 4(a)(3), the Secretary shall determine whether the country that issues the currency has adopted appropriate policies, and taken identifiable action, to eliminate the fundamental misalignment. The Secretary shall promptly notify Congress of the determination under paragraph
(1)and publish notice of the determination in the Federal Register. If the Secretary determines that the country that issues the currency described in paragraph
(1)has failed to adopt appropriate policies, or take identifiable action, to eliminate the fundamental misalignment, the measures specified in subsection
(b)shall apply with respect to the country until a notification described in section 7(b) is published in the Federal Register. The measures specified in this subsection are, with respect to a country, the following: For purposes of an antidumping investigation under subtitle B of title VII of the Tariff Act of 1930 ( 19 U.S.C. 1673 et seq. ) or a review under subtitle C of such Act (19 U.S.C. 1675 et seq.), the following shall apply: The administering authority shall ensure a fair comparison between the export price and the normal value by adjusting the price used to establish export price or constructed export price to reflect the fundamental misalignment of the currency of the country. The adjustment described in subparagraph
(A)shall apply with respect to subject merchandise sold on or after the date that is 30 days after the date the currency of the country is designated for priority action pursuant to section 4(a)(3). The President shall prohibit the procurement by the Federal Government of products or services from the country. The prohibition provided for in subparagraph
(A)shall not apply with respect to a country that is a party to the Agreement on Government Procurement. The United States shall inform the Managing Director of the International Monetary Fund of the failure of the country to adopt appropriate policies, or to take identifiable action, to eliminate the fundamental misalignment, and the actions the country is engaging in that are identified in section 4(a)(3), and shall request that the Managing Director of the International Monetary Fund— consult with the country regarding the observance of the obligations of the country under article IV of the International Monetary Fund Articles of Agreement, including through special consultations, if necessary; and not later than 180 days after the date of the request, formally report the results of such consultations to the Executive Board of the International Monetary Fund. The Overseas Private Investment Corporation shall not approve any new financing (including insurance, reinsurance, or guarantee) with respect to a project located within the country. The Secretary shall instruct the United States Executive Director at each multilateral bank to oppose the approval of any new financing (including loans, other credits, insurance, reinsurance, or guarantee) to the government of the country or for a project located within the country. The term multilateral bank includes each of the international financial institutions described in section 1701(c)(2) of the International Financial Institutions Act ( 22 U.S.C. 262r ). The President may waive any action provided for under subsection
(a)or
(b)if the President determines that— taking the action would cause serious harm to the national security of the United States; or it is in the vital economic interest of the United States to do so and taking the action would have an adverse impact on the United States economy greater than the benefits of the action. The President shall promptly notify Congress of a determination under paragraph
(1)(and the reasons for the determination, if made under paragraph (1)(B)) and shall publish notice of the determination (and the reasons for the determination, if made under paragraph (1)(B)) in the Federal Register. The Secretary shall describe any action or determination pursuant to subsection (a), (b), or
(c)in the first semiannual report required by section 3 after the date of the action or determination.
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