Name: U.S. Treasury labels Switzerland, Vietnam as currency manipulators
Uploaded: 2020-12-16T18:35:07.000Z
Duration: 1 min 23 s
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S Treasury has Switzerland in its sights.

On Wednesday, Washington labeled the country as a currency manipulator.

That means it's suspected off deliberately devaluing its currency against the dollar to win advantage.

The action comes as the global slowdown skews trade flows and widens US deficits with trading partners.

That is an irritant for President Donald Trump, who came to office promising to narrow trade gaps.

To be labeled a manipulator, countries must have a least a $20 billion trade surplus with the US They also have to have a record off significant intervention in currency markets.

The Treasury refused to say whether the two countries would face any sanctions as a result off the designation.

But it also extended the list off places it was keeping a close eye on as potential manipulators.

Taiwan, Thailand and India went on that list, joining China, Japan, Germany and others.

The Swiss National Bank denied manipulating the country's frank currency and said it would continue its monetary approach unchanged.

 Even so, the Frank jumped to five year highs against the dollar after Wednesday's news. 