Seven economies constitute the Treasury’s Monitoring List. The US Treasury issued its June 2023 report on “Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the United States,” (the Report), which reviews the four quarters to December 2022 (the review period). In this report, the US Treasury found that no major trading partner met all three criteria under the Trade Facilitation and Trade Enforcement Act of 2015 (the 2015 Act). Seven economies — China, South Korea, Germany, Malaysia, Singapore, Switzerland and Taiwan — constitute the Treasury’s Monitoring List.

Vietnam remained off the US Treasury’s Monitoring List. In line with our expectation in our November 2022 Macro Flash Note, Vietnam remained off the US Treasury’s Monitoring List (currency manipulator watch list) in this Report as Vietnam — for the third consecutive time — continued to exceed only one of three criteria under the 2015 Act, which is “significant bilateral trade surplus with the United States”. In the November 2022 report, Vietnam was removed from the US Treasury’s Monitoring List as the country met only one criterion in two consecutive reports (the November 2022 report and the June 2022 report).

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