US Refrains From Using Currency Manipulator Tag, Blasts China

In the first formal assessment of US trading partners’ foreign-exchange practices since President Donald Trump returned to office, the Treasury Department declined to name any country a currency manipulator while singling China out for “its lack of transparency.”

The Treasury also said, in a semiannual foreign-exchange report released Thursday, it would strengthen its analysis of trading partners’ exchange-rate policies going forward. And it issued a stark warning against attempting to engage in “unfair” currency practices.

Scott Bessent

Photographer: Francis Chung/Politico/Bloomberg

“The Trump Administration has put our trading partners on notice that macroeconomic policies that incentivize an unbalanced trading relationship with the United States will ...