US lifts Vietnam, Switzerland from currency manipulator list

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

Treasury Relief (Copyright 2020 The Associated Press. All rights reserved)

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.