U.S. Drops Switzerland, Vietnam Currency-Manipulator Labels
- Switzerland, Vietnam, Taiwan met criteria for designation
- U.S. presses China on activities of state-owned banks
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The U.S. refrained from designating any trading partner as a currency manipulator in the Biden administration’s first foreign-exchange policy report, even as Switzerland, Taiwan and Vietnam met thresholds for the label.
The Treasury Department said Friday that those three economies met criteria for the manipulator label, including a large trade surplus with the U.S. But it said there was “insufficient evidence” to conclude that the three trading partners showed the intent of “preventing effective balance of payments adjustments or gaining unfair competitive advantage in international trade” to apply the tag.