U.S to impose duties on nations undervaluing currency

The U.S. Commerce Department said on Thursday it was proposing a rule to impose countervailing duties on countries that undervalue their currency relative to the dollar.

"This change puts foreign exporters on notice that the Department of Commerce can countervail currency subsidies that harm U.S. industries," Commerce Secretary Wilbur Ross said in a statement.

"Foreign nations would no longer be able to use currency policies to the disadvantage of American workers and businesses," he added.