China and Germany are not manipulating the value of their currencies to gain an unfair trade advantage, but both should do more to reduce their large trade surpluses with the United States, the US Treasury Department said Friday.
The decision was expected after President Donald Trump this week reversed himself and said China was not a currency manipulator.
The administration's first report to Congress on foreign exchange policies of US trading partners continues the stance of the Obama administration, putting those countries on a "watch list," though using much tougher language against all the named countries.