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Treasury releases report on macroeconomic and foreign exchange policies of major U.S. trading partners

Treasury releases report on macroeconomic and foreign exchange policies of major U.S. trading partners
Treasury releases report on macroeconomic and foreign exchange policies of major U.S. trading partners


WASHINGTON The U.S. Treasury Department has delivered its semiannual report to Congress on the macroeconomic and foreign exchange policies of the United States' major trading partners. In this report, Treasury reviewed and assessed the policies of the United States' largest trading partners, which account for approximately 78% of U.S. foreign trade in goods and services, during the four quarters through December 2023.

Pursuant to the Omnibus Trade and Competitiveness Act of 1988, the report analyzes the practices of the United States' major trading partners and concludes that no major trading partner of the United States has manipulated the exchange rate between its currency and the US dollar in order to prevent an efficient balance. payment adjustments or gaining an unfair competitive advantage in international trade in the four quarters through December 2023.

In this report, Treasury found that no major trading partners met the three criteria for in-depth analysis under the Trade Facilitation and Enforcement Act of 2015 during the four quarters ending December 2023 .

The Biden Administration strongly opposes attempts by U.S. trading partners to artificially manipulate currency values ​​in order to gain an unfair advantage over American workers.

Treasury continues to promote policies that support stronger, more balanced global growth that benefits American workers, including through close engagement with major trading partners on currency-related issues, Treasury Secretary Janet said today. L. Yellen.

Seven economies are on the Treasury's watch list of major trading partners that deserve close attention to their monetary practices and macroeconomic policies: China, Japan, Malaysia, Singapore, Taiwan, Vietnam and Germany.

The report also reiterates Treasury's call for increased transparency from China. China's inability to publish its foreign exchange interventions and the broader lack of transparency around key elements of its foreign exchange policy makes China an outlier among major economies and warrants close monitoring by the Treasury.

Today's report is submitted to Congress pursuant to section 3005 of the Omnibus Trade and Competitiveness Act of 1988, 22 USC 5305, and section 701 of the Trade Facilitation and Competitiveness Act. Enforcement of the Commerce Rules of 2015, 19 USC 4421.

Find the full report here.





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