On December 16, 2020, the US Treasury issued its long-delayed report on “Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the United States.” In the report, which reviews the four quarters to June 2020, the US Treasury labels Vietnam and Switzerland as currency manipulators under the Omnibus Trade and Competitiveness Act of 1988 as Vietnam met three quantitative criteria set by the US Treasury under the Trade Facilitation and Trade Enforcement Act of 2015 (the 2015 Act),