Brazil to ask WTO for ‘exchange rate anti-dumping measure’

Brazil is set to propose an “exchange rate anti-dumping” measure to the World Trade Organization that would allow countries to retaliate against trading partners that undertake competitive devaluations of their currencies.

Brazil’s Geneva office is working on the plan, which would mark an escalation of what Latin America’s largest economy has dubbed the “currency war,” a battle against what it sees as the use of loose monetary policies by reserve-currency issuers such as the U.S. to boost their exports.