WASHINGTON – The U.S. Department of the Treasury delivered its semiannual Report to Congress on Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the United States. In this Report, Treasury reviewed and assessed the policies of major U.S. trading partners, comprising nearly 80 percent of U.S. foreign trade in goods and services, during the four quarters through December 2025.
Secretary of the Treasury Scott Bessent remarked: “For decades, unfair currency practices abroad have contributed to the U.S. trade deficit and the hollowing out of U.S. manufacturing employment. When a trading partner engages excessively in foreign exchange market interventions or other actions to artificially lower the value or suppress appreciation of its currency, it imposes significant hardship on American workers and companies for its own gain. In support of President Trump’s America First Trade Policy, Treasury is committed to aggressively and vigilantly monitoring and combatting unfair currency practices. Treasury continues to assess whether the United States’ trading partners are undertaking foreign exchange intervention and implementing non-market policies and practices to manipulate their currencies for unfair competitive advantage in trade to the detriment of American workers, businesses, and economic strength.”
In accordance with the Omnibus Trade and Competitiveness Act of 1988, Treasury analyzed in this Report the practices of the United States’ major trading partners and concluded that no major U.S. trading partner manipulated the rate of exchange between its currency and the U.S. dollar for purposes of preventing effective balance of payments adjustments or gaining unfair competitive advantage in international trade during the four quarters through December 2025.
In this Report, Treasury found that no major trading partner met all three criteria for enhanced analysis under the Trade Facilitation and Trade Enforcement Act of 2015 during the four quarters ending December 2025. However, ten economies are on Treasury’s “Monitoring List” of major trading partners whose currency practices and macroeconomic policies merit close attention: China, Japan, Korea, Taiwan, Thailand, Singapore, Vietnam, Germany, Ireland, and Switzerland. All were on the Monitoring List in the January 2026 Report. As noted previously, in support of the America First Trade Policy, Treasury will continue to undertake strengthened analysis of major trading partners, as detailed in the January 2026 Report, and will include a discussion of these issues in its intensified evaluation of economies when noteworthy developments arise.
While Treasury has not designated China as a currency manipulator in this Report, China continues to stand out among our major trading partners in its relative lack of transparency around its exchange rate policies and practices. This relative lack of transparency will not preclude Treasury from designating China if available evidence suggests that it is intervening through formal or informal channels to resist RMB appreciation in the future.
Today’s Report is submitted to Congress pursuant to Section 3005 of the Omnibus Trade and Competitiveness Act of 1988, 22 U.S.C. § 5305, and Section 701 of the Trade Facilitation and Trade Enforcement Act of 2015, 19 U.S.C. § 4421.