The United States Treasury Department listed Vietnam and Switzerland as two countries it believed were manipulating their currencies for commercial advantages.
China and nine other countries are not on the list, but the Finance Ministry is closely monitoring them. The list should serve as a warning to countries in the first place. The only other country to have held the title is China.
This actually happened in 2019, when China and the United States got involved in a trade war. Trump then announced big business deals with a lot of fanfare, but the president couldn’t say exactly what was in them. It is no secret that the two largest economies in the world do not trust each other.
In January, after completing the trade deal, the United States removed the country from the list.
According to the US Treasury, only Vietnam and Switzerland meet the three criteria for currency manipulation. This poster will lead to additional negotiations between the two countries. If reassuring conclusions are not drawn from this, the United States may impose economic sanctions on Vietnam and Switzerland.
The other nine countries on the list are Japan, South Korea, Germany, Italy, Singapore, Malaysia, Taiwan, Thailand and India. The last three on the list only recently appeared, while the other six have been on the list since January. Talks with those countries haven’t started yet, but the United States is watching.