U.S. Treasury Clears Major Trading Partners of Currency Manipulation in 2025 Review

WASHINGTON, July 23 (Reuters) — The U.S. Treasury Department said Thursday that no major trading partner manipulated its currency to gain an unfair trade advantage in 2025, though ten economies remain on a monitoring list warranting close scrutiny of their foreign exchange practices.

In its latest semi-annual report to Congress, the Treasury found that no major trading partner met the criteria for currency manipulation under the Omnibus Trade and Competitiveness Act of 1988. A separate analysis also determined that none satisfied all three thresholds for enhanced analysis of currency practices during the review period.

“However, ten 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,” the department stated. All ten were also included in the January 2026 report.

Countries are placed on the monitoring list if they meet two of three criteria established by the Trade Facilitation and Trade Enforcement Act of 2015: a significant bilateral trade surplus with the United States, a material current account surplus, and persistent, one-sided intervention in the foreign exchange market.

In the current report, Thailand, Singapore, and Switzerland each met only one of the three criteria. The Treasury noted they will be removed from the list if they fall below the two-criterion threshold in the next review.

Historically, the semi-annual review focused on whether countries intervened to resist currency appreciation — thereby keeping exports artificially cheap. Starting this year, however, the Treasury expanded its framework to also monitor whether economies that smooth exchange rate movements do so to resist depreciation pressure with the same persistence they might resist appreciation.

Reporting by Dan Burns and David Lawder; Editing by Andrea Ricci

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