No major trading partners manipulated their currencies to gain trade advantages in the year 2025, according to the United States Department of the Treasury. The finding was released as part of the department’s semi-annual currency report.
Ten Trading Partners Remain on Currency Watch List
Despite finding no outright manipulation, the US Department of the Treasury confirmed that ten leading trading partners will remain on a specialized monitoring list for their foreign exchange practices. According to the semi-annual report, the ongoing evaluation of major economies did not uncover intentional rate depreciation among these specific nations. Land placement on the monitoring list depends on distinct statutory metrics established by federal legislation.
Threshold Criteria Under the Trade Facilitation Act
Economies are placed on the monitoring list if they meet two out of three specific thresholds outlined in the Trade Facilitation and Trade Enforcement Act of 2015, according to the US Department of the Treasury. These statutory benchmarks include maintaining a clear bilateral trade surplus with the United States, running a material current account surplus, and engaging in persistent, one-sided intervention in the foreign exchange market.
Pro Tip: Understanding how the Treasury evaluates current account surpluses and foreign exchange interventions helps businesses anticipate potential shifts in international trade policy.
Countries Facing Removal and Remaining Nations
Thailand, Singapore, and Switzerland met only one of the mandatory criteria in the latest assessment, according to the Treasury Department. These three nations will face removal from the monitoring list in subsequent reporting cycles if they continue to satisfy fewer than two of the statutory benchmarks. Other economies currently populating the watch list include China, Japan, South Korea, Taiwan, Vietnam, Germany, and Ireland.
Did You Know? The Trade Facilitation and Trade Enforcement Act of 2015 requires the Treasury to submit semi-annual reports to Congress evaluating the macroeconomic and foreign exchange policies of major US trading partners.
Frequently Asked Questions
Did any US trading partner manipulate its currency in 2025?
No. According to the US Department of the Treasury, none of America’s major trading partners manipulated their currencies to achieve trade advantages.
What criteria place a country on the Treasury watch list?
A country is placed on the monitoring list if it meets at least two of three criteria: a bilateral trade surplus with the US, a material current account surplus, and persistent unilateral foreign exchange intervention.
Which countries might be removed from the watch list?
Thailand, Singapore, and Switzerland met only one criterion in the latest report and will be removed if they fail to meet at least two criteria in the next evaluation.
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