Legislation that would classify "currency manipulation" as a countervailable subsidy under U.S. trade law could cause unnecessary collateral damage. More on Currencies Nikkei reporter Futoshi Oguri writes today about a "Global currency battle" in which currency traders shift out of the euro and into other currencies, causing a cavalcade of central banks elsewhere to begin cutting rates and prevent their own currencies from rising. His article coincides with the introduction of legislation in the U.S. Congress that would classify "currency manipulation" as a countervailable subsidy under U.S. trade law. However, former U.S. International Trade Commission (USITC) member Dan Pearson argues that this is like using a two-by-four as a fly swatt...