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April 16, 2021 On April 16, the U.S. Treasury Department issued its semiannual  Report to Congress on Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the United States, the first release during the Biden administration and under Secretary Yellen. In this latest “FX report,” Treasury declined to designate any country for currency “manipulation,” reversing its December 2020 designation of Switzerland and Vietnam. However, it concluded that Switzerland and Vietnam, as well as Taiwan, met three criteria to trigger “enhanced engagement” to “address underlying causes” of currency undervaluation and external imbalances. Q1: What is the FX report and how does it determine “manipulation”?

United statesRepublic ofHan iT ai peiTreasury departmentDepartment of commerceCongress on macroeconomicCommerce departmentUs treasury departmentForeign exchange policiesMajor trading partnersOmnibus tradeCompetitiveness actTrade facilitationTrade enforcement actAlthough treasury