U.S. Treasury Department Semiannual Report: No Country Designated as a Currency Manipulator

The U.S. Department of the Treasury submitted its semiannual report to Congress on the macroeconomic and foreign exchange policies of the United States' major trading partners. In the report, the Treasury reviewed and assessed the policies of the U.S.'s major trading partners over the four quarters ending December 2024, which account for approximately 78% of U.S. foreign trade in goods and services. The review found that over the four quarters ending December 2024, no major trading partner of the U.S. manipulated its currency exchange rate with the dollar. Currently, there are nine economies on the Treasury's "monitoring list" of major trading partners, including Japan, South Korea, Singapore, Vietnam, Germany, Ireland, and Switzerland.