The US has identified Vietnam and Switzerland as currency manipulators

The US has identified Vietnam and Switzerland as currency manipulators

The US Treasury Department has identified Vietnam and Switzerland as currency manipulators like China, and added nine other countries to the list of states it will continue to monitor. The ministry did so in its annual report, which aims to prevent states from manipulating their currencies in order to gain unfair trade advantages. A US Treasury Department report found that Vietnam and Switzerland were the only two countries to meet all three criteria to be classified as currency manipulators. This sign means that negotiations will take place over the next year and, if unsuccessful, the US may impose economic sanctions on Vietnam and Switzerland. The United States identified a country as a currency manipulator for the first time since August 2019, when the label was given to China during tough trade talks between Washington and Beijing. President Trump's administration stopped calling China a currency manipulator in January this year after the two countries reached agreements aimed at reducing China's high trade surpluses with the United States.