US Alleges Currency Manipulation in East Asia, Germany and Switzerland

[ABS News Service/25.07.2026]

The Treasury Department has once again failed to find any US trade partner guilty of currency manipulation, although it said it will continue to closely watch exchange rate practices in 10 countries.

Treasury yesterday released its semiannual report to Congress on Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the United States.

“Treasury is committed to aggressively and vigilantly monitoring and combating unfair currency practices,” Treasury Secretary Scott Bessent said. “Treasury continues to assess whether the United States’ trading partners are undertaking foreign exchange intervention and implementing non-market policies and practices to manipulate their currencies for unfair competitive advantage in trade to the detriment of American workers, businesses, and economic strength.”

Treasury found in its report that no major trading partners met the Congressionally-mandated criteria for currency manipulation of manipulating the rate of exchange between its currency and the US dollar for purposes of preventing effective balance of payments adjustments or gaining unfair competitive advantage in international trade during the four quarters through December 2025.

But 10 economies are on Treasury’s “Monitoring List” of major trading partners whose currency practices and macroeconomic policies merit close attention: China, Japan, Korea, Taiwan, Thailand, Singapore, Vietnam, Germany, Ireland and Switzerland. These are the same countries that were on Treasury’s monitoring list in its last report.

Treasury noted that while it did not designate China as a currency manipulator in its latest report, Beijing “continues to stand out among our major trading partners in its relative lack of transparency around its exchange rate policies and practices. This relative lack of transparency will not preclude Treasury from designating China if available evidence suggests that it is intervening through formal or informal channels to resist RMB appreciation in the future,” it said.