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The US Department of the Treasury announced on Thursday that no major trading partner of the country manipulated the exchange rate between its currency and the US dollar to gain a foreign trade advantage during the four quarters ending December 2024.

"For decades, unfair currency practices abroad have contributed to the US trade deficit and hollowed out US manufacturing employment," the Treasury said in a statement.

It said the Trump administration has been clear that it will no longer accept persistent trade deficits, and they are beginning to see changes in some of its trading partners’ policies that could reverse these deficits.

"Treasury will continue to closely monitor whether our trading partners may act through foreign exchange intervention or non-market policies and practices to manipulate their currencies for unfair competitive advantage in trade and prevent the swift recovery of American economic strength," the statement noted.

It stated that the "Report on Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the United States" was submitted to Congress.

In the report, it was stated that the practices of major trading partners, through which the US conducts approximately 78% of its trade in goods and services, were evaluated, and it was concluded that none of the country's major trading partners manipulated the exchange rate between its currency and the US dollar to prevent effective balance of payments adjustments or to gain an unfair competitive advantage in international trade for four quarters until December 2024.

"In this report, Treasury found that no major trading partner met all three criteria for enhanced analysis under the Trade Facilitation and Trade Enforcement Act of 2015 during the four quarters ending December 2024," the statement said.

The statement also pointed to the Treasury's "Monitoring List" of major trading partners whose foreign exchange practices and macroeconomic policies merit "close attention" and said that China, Japan, Korea, Taiwan, Singapore, Vietnam, Germany, Ireland, and Switzerland are the nine countries on this list.

“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.

“In line with President Trump’s America First Trade Policy, the United States Treasury will be vigilant in identifying and taking action against currency manipulation and will continue to closely monitor a range of relevant macroeconomic and financial policies implemented by our trading partners that propagate imbalances, contribute to significant exchange rate misalignments, or result in an unfair competitive advantage in trade," he added.