WASHINGTON – The US will start with Taiwan to address the valuation of its currency and external imbalances, saying its central bank is actively entering the foreign exchange market, the Treasury Department said on Friday.
The department will continue similar talks with Vietnam and Switzerland, which were named currency manipulators by the Treasury in January under the Trump administration.
Deviating from the position of the Trump administration, the Treasury did not appoint the three currency manipulators.
“The Treasury has established that there is insufficient evidence to establish that Vietnam, Switzerland or Taiwan are manipulating its exchange rate for one of the purposes referred to” under a 1988 law on trade and competitiveness, the Treasury said.
The names appear in the Treasury’s semi-annual report, which analyzes the foreign exchange and economic policies of major US trading partners. It was the first report issued under Finance Minister Janet Yellen.