Kingdom, Singapore and Switzerland each met just one of the criteria
A man walks past a foreign exchange house, with vinyl featuring dollar bills on its door and walls, in Ciudad Juarez, Mexico, on Feb 10. (Photo: Reuters)
No major US trading partner manipulated its currency to gain an unfair trade advantage in 2025, the US Treasury Department said on Thursday, but 10 leading trading partners, including Thailand, remain on a list for enhanced monitoring of their foreign exchange practices.In its latest semi-annual currency report, the Treasury said its analysis conducted in accordance with the Omnibus Trade and Competitiveness Act of 1988 found that no major trading partner manipulated its exchange rate, and a separate analysis found that none met all three criteria for enhanced analysis of currency practices during 2025.
"However, 10 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," Treasury said. "All were on the monitoring list in the January 2026 report."
Countries are placed on the monitoring list if they meet two of three criteria set out in the Trade Facilitation and Trade Enforcement Act of 2015: a significant bilateral trade surplus with the United States; a material current account surplus; and persistent, one-sided intervention in the foreign exchange market.
