US Expands Currency Watch List, Adds Ireland, Switzerland

The U.S. Treasury Department's latest semi-annual currency report found no major U.S. trading partner manipulated their currencies in 2024, but expanded its monitoring list to nine countries, adding Ireland and Switzerland due to their significant trade and current account surpluses with the U.S. The countries now on the monitoring list are China, Japan, South Korea, Taiwan, Singapore, Vietnam, Germany, Ireland, and Switzerland. The Swiss National Bank denied any currency manipulation, stating its actions serve Switzerland's economic interests. The Treasury issued a warning to China over its lack of transparency in exchange rate policies, with the possibility of future designation as a currency manipulator if intervention is found. The monitoring list is determined by criteria such as a significant trade surplus with the U.S., a global current account surplus exceeding 3% of GDP, and persistent net foreign exchange purchases. This report is the first under President Donald Trump's new administration and continues the U.S. focus on monitoring currency practices.