The U.S. Treasury Department has released its first semiannual report on the foreign exchange and macroeconomic policies of major trading partners since President Trump's return to office. The report found that no major U.S. trading partner manipulated its currency to gain an unfair trade advantage during the four quarters through December 2024. Nine economies have been placed on the Treasury's 'monitoring list' for their currency practices: China, Japan, South Korea, Taiwan, Singapore, Vietnam, Germany, Ireland, and Switzerland. Ireland and Switzerland are new additions to the list, primarily due to large bilateral trade surpluses with the U.S. and significant current account surpluses. The Treasury singled out China for its lack of transparency in exchange-rate policies, warning that it could be designated a currency manipulator in the future if evidence of intervention emerges. South Korea remains on the list due to its increased current account surplus, which rose to 5.3% of GDP in 2024, and a substantial bilateral trade surplus with the U.S. The report noted that South Korea sold a net $11.2 billion in foreign exchange in 2024, equivalent to 0.6% of GDP. The Swiss National Bank denied engaging in currency manipulation after Switzerland was added to the monitoring list. The Swiss franc has appreciated by 5% since President Trump's return to office. The U.S. Treasury stated that while no country met all three criteria for enhanced analysis, it would continue to strengthen oversight. South Korea's government stated it would continue close discussions with the U.S. to promote mutual understanding of foreign exchange policy. The Treasury also called for Japan to maintain monetary tightening to address structural trade imbalances.