Washington – The U.S. Department of the Treasury today delivered to Congress the semiannual Report on Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the United States. The Report concluded that while the currency practices of six countries were found to require close attention, no major U.S. trading partner met the relevant legislative criteria for enhanced analysis in 2017. Further, no trading partner was found to have met the legislative standards for currency manipulation during the current reporting period.
“The Treasury Department is working vigorously to ensure that trade is free, fair, and reciprocal so American workers and companies can compete and succeed globally. We will continue to monitor and combat unfair currency practices, while encouraging policies and reforms to address large trade imbalances,” said U.S. Treasury Secretary Steven T. Mnuchin.
Treasury found that six major trading partners warrant placement on the “Monitoring List” of major trading partners that merit close attention to their currency practices, including five that continue on the list, China, Germany, Japan, Korea, and Switzerland, and India that has been added to the Monitoring List in this Report.
Today’s Report is submitted to Congress pursuant to 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.The findings and recommendations are intended to combat potentially unfair currency practices, support the growth of free and fair trade, and secure stronger and more balanced global growth. Achieving these goals requires that all economies durably avoid macroeconomic, foreign exchange, and trade policies that facilitate unfair competitive advantage.