Foreign exchange policies of U.S. partners released

The Treasury Department has issued a report on developments in international economic and exchange rate policies and submitted it to Congress pursuant to the Omnibus Trade and Competitiveness Act of 1988. Treasury Secretary Mnuchin stated, “An essential component of this Administration’s strategy is to ensure that American workers and companies face a level playing field when competing internationally. When our trading partners engage in currency manipulation, they impose significant, and often long-lasting hardship on American workers and businesses. Expanding trade in a way that is freer and fairer for all Americans requires that other economies avoid unfair currency practices, and we will continue to monitor this carefully.” Based on the analysis in the report, Treasury concludes that no major trading partner of the United States met the standards identified in Section 3004 of the Act for currency manipulation in the second half of 2016.