Switzerland Stays on U.S. Currency Manipulation Watch List

The United States Department of the Treasury has maintained Switzerland on its watch list for currency manipulation. The list includes nine other countries, including China, Japan, and South Korea. However, Switzerland's status could change in the next report if it continues to meet fewer than two of the three criteria assessed.

The U.S. Department of the Treasury published a report that examines the practices of major trading partners, which account for about 80% of U.S. foreign trade. The report found that none of the major trading partners met all three criteria for an in-depth review in 2025.

Switzerland has been on the watch list since June 2025 and could be removed if it continues to meet only one criterion, which is a substantial current account surplus. This currently stands at 7% of gross domestic product (GDP), equivalent to approximately $73 billion USD.