Swiss refuse to roll over as Trump administration lashes out over currency

Swiss refuse to roll over as Trump administration lashes out over currency

It is somehow appropriate that, in the dying days of his administration, Donald Trump has wielded a weapon he threatened to brandish even before taking office.The US Treasury has declared Switzerland and Vietnam to be "currency manipulators".

The term carries potential repercussions for both countries.

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Donald Trump has wielded "currency manipulator" claims from the start of his presidency



Under the Trade and Competitiveness Act, passed in 1988 when Ronald Reagan was in the White House, the US Treasury has to deliver a twice-yearly report to US Congress.This requires it to analyse whether countries are manipulating the exchange rate between their currency and the US dollar, either to gain a trade advantage or to influence the balance of payments between the two.