Switzerland Near Removal from US Currency Manipulation Watchlist

Switzerland has been on the U.S. monitoring list for potential currency manipulation since June 2025, but it may finally be removed in the next report. The U.S. Department of the Treasury released a semi-annual report examining the practices of major trading partners, which account for about 80 percent of U.S. foreign trade.

Switzerland meets only one of three criteria for an in-depth review, putting it on track to be removed from the list. The Swiss National Bank has consistently rejected allegations of currency manipulation and reaffirmed its commitment not to use exchange rates to gain unfair competitive advantages in a joint statement with the U.S. Department of the Treasury.

The report found that none of the major trading partners met all three criteria for an in-depth review in 2025, but ten countries are on the watch list due to their currency practices and economic policies warranting increased attention. The U.S. government aims to ensure that measures taken against these countries are permanent.