US Trade Representative Jamieson Greer (from left to right), US Treasury Secretary Scott Bessent, Federal Councilor and then Federal President Karin Keller-Sutter (EFD) and Federal Councilor Guy Parmelin (WBF) at a bilateral meeting in Geneva, May 9, 2025.
Image: keystone
Business News
Switzerland remains on the US watchlist for currency manipulation with nine other countries. However, it has a chance of being removed from the list in the next edition of the report.
July 24, 2026, 11:09July 24, 2026, 11:09
In one published every six months report The US Treasury Department is investigating the practices of the US’s larger trading partners, which in total account for around 80 percent of US foreign trade. US Treasury Secretary Scott Bessent wants to take action against unfair currency practices that would harm American companies, as he explained in a communiqué on Thursday evening.
The current report found that none of the larger trading partners had met all three criteria for an in-depth investigation in 2025, it said. However, there are ten countries on the watch list whose currency practices and economic policies deserve increased attention, it said: In addition to Switzerland, these are China, Germany, Ireland, Japan, Singapore, South Korea, Taiwan, Thailand and Vietnam.
A country is placed on the list if it meets two of three criteria. And once a country is on the list, it remains on it for at least two semi-annual reports. The US government wants to ensure that the measures taken are permanent.
Chance at the next edition
The US Treasury Department placed Switzerland on the watch list in June 2025. Now Switzerland could be removed from the list in the next report. In the current report, Switzerland, Thailand and Singapore only met one of three criteria. “They will be removed from the watch list if they meet fewer than two criteria in the next report,” wrote the US Treasury Department.
The Swiss National Bank (SNB) has always rejected the accusation of currency manipulation. Last September, the Federal Department of Finance (FDF), the National Bank and the US Treasury Department signed a joint declaration on macroeconomic and exchange rate-related issues.
In it, Switzerland and the USA confirm that they will not use exchange rates to prevent balance of payments adjustments or to gain unfair competitive advantages. The statement also confirmed that foreign exchange market intervention was an important monetary policy instrument for the SNB to ensure appropriate monetary conditions and fulfill the legal task of price stability. (sda)