“The Trump Administration has been clear that we will no longer accept persistent trade deficits and… we are beginning to see changes in some of our trading partners’ policies that could reverse these deficits,” the report said.
No major US trading partner manipulated the rate of exchange between its currency and the US dollar for purposes of preventing effective balance of payments adjustments or gaining unfair competitive advantage in international trade during the four quarters till December 2024, the report found.
No major trading partner met all three criteria for enhanced analysis under the Trade Facilitation and Trade Enforcement Act of 2015 during last year.
“The four quarters through December 2024 has been a period of broad dollar strength, and one in which many of the United States’ major trading partners were intervening in markets to support their currencies, rather than to weaken them,” it noted.
“The Trump Administration has put our trading partners on notice that macroeconomic policies that incentivize an unbalanced trading relationship with the United States will no longer be accepted, and we will continue to strengthen our analysis of currency practices and increase the consequences of any manipulation designation. Moving forward, Treasury will use all available tools at its disposal to implement strong countermeasures against unfair currency practices,” said treasury secretary Scott Bessent.
ALCHEMPro News Desk (DS)
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