The U.S. Department of the Treasury has released its semiannual Report to Congress on Macroeconomic and Foreign Exchange Policies of Major Trading Partners, concluding that no major U.S. trading partner manipulated its currency through December 2025.
Secretary of the Treasury Scott Bessent emphasized the administration's commitment to combating unfair currency practices. "For decades, unfair currency practices abroad have contributed to the U.S. trade deficit and the hollowing out of U.S. manufacturing employment," Bessent said, adding that Treasury is dedicated to "aggressively and vigilantly monitoring and combatting unfair currency practices" in support of President Trump’s America First Trade Policy.
While no country met the criteria for currency manipulation, ten economies remain on Treasury’s “Monitoring List” for close attention to their currency practices and macroeconomic policies. These include China, Japan, Korea, Taiwan, Thailand, Singapore, Vietnam, Germany, Ireland, and Switzerland, all of which were also on the January 2026 list.
China, despite not being designated a manipulator in this report, was singled out for its "relative lack of transparency around its exchange rate policies and practices." Treasury indicated that this lack of transparency would not prevent a future designation if evidence suggests intervention to resist RMB appreciation.