The U.S. Treasury Department said on Friday that Vietnam and Taiwan continued to exceed its thresholds for possible currency manipulation and enhanced analysis under a 2015 U.S. trade law, but were not formally labeled as manipulators.
In its semi-annual currency report, the Treasury said that no major U.S. trading partners tried to manipulate their currencies for a trade advantage or to prevent effective balance of payments adjustments during the year through June 2021.
It said that Vietnam and Taiwan exceeded its trade surplus, current account and foreign exchange intervention thresholds, and it will continue to work with them to address U.S. concerns.
Treasury said that it was satisfied with the progress made by Vietnam to date and continued engagement with Taiwan in May.
Treasury said that the engagement includes urging the development of a plan with specific actions to address the underlying causes of currency undervaluation and external imbalances.
Treasury said Switzerland, which was labeled as a manipulator in 2020 by the Trump administration, only tripped two out of the three thresholds, but would continue to conduct an in-depth analysis of Switzerland's practices for at least another year.
Treasury is working hard to promote a stronger and more balanced global recovery that benefits American workers, including through close engagement with major economies on currency related issues, Treasury Secretary Janet Yellen said in a statement accompanying the report.