The U.S. Treasury Department refrained from designating any U.S. trading partner as a manipulator of its exchange rate to gain an unfair trade advantage, while warning that Switzerland met three criteria for designation.

"Treasury will continue its enhanced bilateral engagement with Switzerland, which commenced in early 2021, to discuss the Swiss authorities' policy options to address the underlying causes of its external imbalances," the department said Friday in a statement accompanying its semiannual report to Congress on macroeconomic and foreign exchange (FX) policies of major U.S. trading partners.

Taiwan and Vietnam, which had met the three criteria in the December report, no longer were in that category, the Treasury said. Switzerland had dropped off that list in December. Russia wasn't included in the report as it's not considered a major U.S. trading partner.

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