US adds India, Thailand and Taiwan to currency manipulation watchlist
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This story is from December 16, 2020
US adds India, Thailand and Taiwan to currency manipulation watchlist
PTI / Updated: Dec 16, 2020, 22:48 IST
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It also branded Vietnam and Switzerland as currency manipulators.
Other countries in the monitoring list are Japan, South Korea, Germany, Italy, Singapore and Malaysia. Ireland has been removed from the Monitoring List, the US Department of Treasury said in its report Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the United States submitted to the Congress on Wednesday.
Over the four quarters through June 2020, four major US trading partners - Vietnam, Switzerland, India, and Singapore - intervened in the foreign exchange market in a sustained, asymmetric manner, it said.
Tuesday, December 15, 2020 - 1:15pm
The Office of the U.S. Trade Representative in October set in motion a process that could result in the imposition of U.S. tariffs on billions of dollars of imports from Vietnam. The U.S. Chamber of Commerce and other business representatives have argued against the tariff threat, which is tied to the alleged undervaluation of Vietnam’s currency.
Helpfully, the U.S. Department of the Treasury has established clear criteria for evaluating whether a trading partner is engaging in currency policies that maintain an undervalued currency. Treasury is required by law “to monitor the macroeconomic and currency policies of major trading partners … if they trigger certain objective criteria that provide insight into possibly unfair currency practices,” as explained in its most recent report (January 2020) entitled “Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the United States.”