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”?
Dear Chairman Wyden, Chairman Neal, Ranking Member Crapo, and Ranking Member Brady:
On behalf of the undersigned taxpayer, free-market, and consumer advocacy organizations, we ask you to prioritize and pass a number of tax relief measures this year that will aid in America’s economic recovery from the COVID-19 pandemic. Pro-growth tax policy that boosts GDP, jobs, and wages should be a legislative priority at any time but has taken on an added importance as policymakers look to help businesses and workers return to the economic gains of the pre-COVID U.S. economy.
Specifically, we hope your Committees and Congressional leadership will prioritize the following this year:
Taipei calls for ‘manipulator’ freeze
AMID VIRUS: In its first foreign-exchange policy report, the administration of US President Joe Biden refrained from labeling any economy a currency manipulator
Bloomberg and CNA, with staff writer
Taiwan’s central bank yesterday urged the US to temporarily ease its monitoring of trading partners for currency manipulation during the ongoing COVID-19 pandemic.
The US Department of the Treasury should suspend its three criteria for designating major trading partners “currency manipulators” while the world battles the COVID-19, the central bank said in a statement on its Web site.
In its first foreign-exchange policy report on Friday last week, the administration of US President Joe Biden refrained from labeling any economy a currency manipulator, despite saying that Taiwan, Switzerland and Vietnam met the threshold.
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No major trading partner manipulates currency: US Treasury
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Washington, April 17 : The US Treasury Department said that no major trading partner of Washington meets the criteria as a currency manipulator, but Vietnam, Switzerland and Taiwan will be under enhanced monitoring for their currency practices.
In its semi-annual Report on Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the US, the Department on Friday concluded that Vietnam, Switzerland and Taiwan met all three criteria for enhanced currency analysis under the Trade Facilitation and Trade Enforcement Act of 2015 during the four quarters through December 2020, reports Xinhua news agency.