The United States Treasury released a new report on America’s trading partners that labeled both Vietnam and Switzerland “currency manipulators” for the first time.
Both countries met all three criteria outlined by the Trade Facilitation and Trade Enforcement Act of 2015, and Treasury will, based on the Omnibus Trade and Competitiveness Act of 1988, “press for the adoption of policies that will permit effective balance of payments adjustments and eliminate the unfair advantages in trade that result from their actions.”
WASHINGTON, DC – AUGUST 13: U.S. President Donald Trump looks at Jared Kushner (C) and Secretary of the Treasury Steven Mnuchin (R) during a meeting with leaders of Israel and UAE announcing a peace agreement to establish diplomatic ties with Israel and the UAE, in the Oval Office of the White House on August 13, 2020 in Washington, DC. (Photo by Doug Mills-Pool/Getty Images)
The report additionally placed ten of the United States’ trading partners, including three new ones, on Treasury’s “Monitoring List” of nations that deserve carefully monitoring of their trade practices.Taiwan, Thailand and India were the new additions that joined China, Japan, Korea, Germany, Italy, Singapore and Malaysia on the list. (RELATED: US Sanctions Two Iranian Intelligence Officers For Abduction And Probable Death Of Former FBI Agent)
“The Treasury Department has taken a strong step today to safeguard economic growth and opportunity for American workers and businesses,” Treasury Secretary Steve Mnuchin said in a statement released in conjunction with the report on Wednesday. “Treasury will follow up on its findings with respect to Vietnam and Switzerland to work toward eliminating practices that create unfair advantages for foreign competitors.”
Janet Yellen, President-elect Joe Biden’s Treasury Secretary nominee, had not yet been briefed on the report, a Treasury official confirmed to Daily Caller. Yellen could change the Wednesday’s designations if she so deems, yet Biden himself said in a recent interview that he does not plan on immediately changing trade deals and practices put into place by the Trump administration.