Treasury’s semi-annual report to Congress — called Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the United States— comes as the Trump administration seeks to strike a trade deal with China, averting a trade war that has been brewing between the two nations.
A Treasury official told reporters previewing the report that the U.S. could in the future find evidence that China is manipulating its currency and will make a determination in the fall whether China has been manipulating the renminbi, also known as RMB.
Treasury Secretary Scott Bessent said the 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.”
“Moving forward, Treasury will use all available tools at its disposal to implement strong countermeasures against unfair currency practices,” he said.
“Our respective teams will be meeting shortly at a location to be determined,” Trump wrote on his social media platform after the call, which he said lasted an hour and a half.
