WASHINGTON – The US will begin talks with Taiwan to address its currency valuations and external imbalances, saying the central bank is actively intervening in the currency market, the Treasury Department said Friday.
The department will pursue similar talks with Vietnam and Switzerland, which were designated as currency manipulators by the Treasury under the Trump administration in January.
Deviating from the Trump administration’s position, the Treasury stopped designating the three currency manipulators.
“The Treasury has determined that there is insufficient evidence to conclude that Vietnam, Switzerland or Taiwan is manipulating the exchange rate for any of the purposes referred to” under a 1988 law on trade and competitiveness, the Treasury said.
The designations appeared in the Treasury’s semi-annual report, which analyzes the foreign exchange and economic policies of the US’s major trading partners. It was the first report issued under Finance Minister Janet Yellen.