US removes Vietnam, Switzerland from currency manipulator list

In its semi-annual report to Congress on currency manipulation, the first under the Biden administration, the US Treasury Department said that no country currently meets the US criteria as a manipulator.

Vietnam and Switzerland have been removed from the list of nations labelled by the United States 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 US Treasury Department said Friday that no country currently meets the US criteria as a manipulator. It said, however, that Vietnam and Switzerland, as well as the autonomous island Taiwan, will be under enhanced monitoring. At the higher level of scrutiny which the report called “enhanced engagement,” Vietnam, Switzerland and now Taiwan will be subjected to a closer review of their practices as part of laws passed by Congress requiring the administration to call out nations that are engaging in alleged currency manipulation to gain unfair trade advantages over the US.