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The U.S. Treasury Department on Wednesday designated Vietnam and Switzerland as currency manipulators.
The designation means that Treasury will begin bilateral discussions with the two countries.
“This engagement will include urging the development of a plan with specific policy actions to address the underlying causes of currency undervaluation and external imbalances,” the department said.
Swiss officials have made no secret that they intervene in foreign exchange markets to keep their currency from strengthening, but they deny manipulation.
The U.S. has already imposed duties on Vietnam tires citing an undervalued dong.
In a statement, Treasury Secretary Steven Mnuchin said the U.S. would work with the two countries to eliminate practices “that create unfair advantages for foreign competition.”
The dollar DXY, -0.24% has been under pressure since the pandemic struck in March.
The U.S. put China and nine other countries on a watch list.
