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Trump Administration Says Vietnam and Switzerland Manipulated Currency
The decision to label the countries currency manipulators for the first time is likely to raise tensions with two trading partners.
Treasury Secretary Steven Mnuchin has formally accused Vietnam and Switzerland of manipulating their currencies to gain an advantage in global trade.Credit.Pool Photo by Sarah Silbiger
Published Dec. 16, 2020Updated Jan. 5, 2021
WASHINGTON The Trump administration on Wednesday labeled Vietnam and Switzerland currency manipulators, accusing them for the first time of improperly intervening in foreign exchange markets and setting off a new economic confrontation with two trading partners.
It was the first time that the Treasury Department has applied that label to either country and will require Vietnam and Switzerland to enter into negotiations with the United States and the International Monetary Fund to address the situation.