U.S. Treasury Report Finds No Currency Manipulation Among Major Trading Partners in 2025
The U.S. Department of the Treasury reported that no major trading partner manipulated its currency to gain an unfair trade advantage during 2025, as part of its semi-annual review under federal law. However, ten countries remain on a monitoring list due to their foreign exchange practices and macroeconomic policies warranting close attention. The report noted China, Japan, Korea, Taiwan, Thailand, Singapore, Vietnam, Germany, Ireland, and Switzerland are still being monitored for meeting at least two of three criteria: significant bilateral trade surplus with the U.S., material current account surplus, or persistent one-sided foreign exchange market intervention. The Treasury also announced a shift in monitoring strategy to include economies that smooth exchange rate movements both against appreciation and depreciation pressures. Thailand, Singapore, and Switzerland each met only one criterion for inclusion on the list and could be removed if they continue to meet fewer than two criteria in future reports.
Topics: currency manipulation international trade trade policy U.S. Treasury