Saturday, July 20, 2024

US lifts Vietnam, Switzerland from currency manipulator list

by Associated Press
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The U.S. Treasury has removed Vietnam and Switzerland from the list of nations labeled as currency manipulators, reversing a decision made by the Trump administration in December.

In its semi-annual report to Congress on currency manipulation, the first under the Biden administration, the U.S. Treasury Department said Friday that no country currently meets the U.S. criteria as a manipulator. It said, however, that Vietnam, Switzerland, as well as Taiwan, will be under enhanced monitoring.

The Treasury did not designate China as a currency manipulator, something the Trump administration had done in 2019 during a tense trade stand-off with the world’s second largest economy.

The Treasury said Vietnam, Switzerland and Taiwan would be subject to “enhanced engagement” over currency issues, a lower designation that does not carry immediate risks of U.S. trade sanctions.

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