Vietnam and Switzerland as manipulators in its final report in 2020. The Biden administration’s report undid those designations, citing insufficient evidence.
Instead, the department said it would continue “enhanced engagement” with Vietnam and Switzerland and begin such talks with Taiwan, which includes urging the trading partners to address undervaluation of their currencies.
“Treasury is working tirelessly to address efforts by foreign economies to artificially manipulate their currency values that put American workers at an unfair disadvantage,” Ms. Yellen said in a statement.
Taiwan is the United States’ 10th largest trading partner in 2019, according to the United States trade representative. Vietnam is the 13th largest, and Switzerland is 16th.
The Treasury Department did not label China as a currency manipulator, instead urging it to improve transparency over its foreign exchange practices.
Treasury kept China, Japan, Korea, Germany, Italy, India, Malaysia, Singapore and Thailand on its currency monitoring list, and added Ireland and Mexico.