The US affirms that no partner manipulates currency, including Vietnam.

In the first semi-annual report of the US Treasury under President Donald Trump, the US affirmed that no major trading partner of Washington manipulated currency in 2024.

The US did not put China on the list of currency manipulators but issued a warning to the country - Photo: AFP

The June 5 report, local time, is the first semi-annual monetary report of the new administration of President Donald Trump.

While it said no country, including China, was manipulating its currency, the report's "monitoring list" of countries and territories that needed close attention was increased to nine, adding Ireland and Switzerland.

The US Treasury Department issued a warning to China, saying it "stands out among our major trading partners for its lack of transparency around its exchange rate policies and practices".

"This lack of transparency will not prevent the Treasury from designating China as a currency manipulator if there is evidence that China is intervening through formal or informal channels to counter future appreciation," the report said, according to Reuters.

During his first term, Mr. Trump labeled China a currency manipulator in August 2019. However, the US removed Beijing from the list in January 2020 when a Chinese delegation came to Washington to sign a trade agreement with the US.

According to the US report, China, Japan, South Korea, Taiwan, Singapore, Vietnam, Germany, Ireland and Switzerland are on the list of countries that need closer foreign exchange monitoring.

Countries with a trade surplus with the US of at least $15 billion, a global account surplus of more than 3% of GDP and persistent one-way net foreign currency purchases are automatically added to the list. Ireland and Switzerland were included because of their large trade and current account surpluses with Washington.

Meanwhile, according to the Ministry of Industry and Trade , the US is currently a comprehensive strategic partner and a major export market of Vietnam. In the opposite direction, Vietnam is also the 8th largest trading partner of the US.

The report was released hours after Mr Trump spoke to Chinese leader Xi Jinping for the first time since returning to the White House, amid renewed trade tensions between the world's two largest economies .

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Source: https://tuoitre.vn/my-khang-dinh-khong-doi-tac-nao-thao-tung-tien-te-bao-gom-viet-nam-20250606105728865.htm