The US Treasury Department has concluded that no major trading partner engaged in currency manipulation to gain a trade advantage in 2025, according to its latest semi-annual report.
The finding removes the most severe designation from the list of monitored economies, signaling a de-escalation in direct trade friction over exchange rates for the period under review.
Despite the clean bill on manipulation, the Treasury maintained a watchlist of ten economies subject to enhanced monitoring.
Singapore remains among those flagged, alongside other major trading partners, for practices that warrant closer scrutiny even if they do not meet the threshold for formal manipulation.
This tiered approach allows the US to keep pressure on specific foreign exchange behaviors without triggering the broader trade remedies associated with the manipulation label.
Markets showed little immediate reaction to the release, with US Treasury yields holding steady in late trading.