U.S. Treasury finds that no trading partner manipulated exchange rate

In its semiannual Report to Congress on Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the United States, U.S. Treasury “concludes that no major U.S. trading partner manipulated the rate of exchange between its currency and the U.S. dollar for purposes of preventing effective balance of payments adjustments or gaining unfair competitive advantage in international trade during the four quarters through December 2024. In this Report, Treasury found that no major trading partner met all three criteria for enhanced analysis under the Trade Facilitation and Trade Enforcement Act of 2015 during the four quarters ending December 2024. President Trump is committed to pursuing economic and trade policies that will spur an American revitalization marked by strong economic growth, the elimination of destructive trade deficits, and countering unfair trade practices. This includes combatting unfair currency practices that facilitate competitive advantage, such as unwarranted intervention in currency markets.”