In retaliation, the US says it will now “press for the adoption of policies that will permit effective balance of payments adjustments” in future negotiations with the countries to eliminate their “unfair advantage.”

The US has repeatedly accused Switzerland of manipulating the value of the franc since the Foreign Trade and Competitiveness Act was passed in 1988, which required the Treasury to carry out annual analyses of the exchange rate policies of other countries to determine whether they were manipulating their currencies to gain an unfair advantage against the US in international trade.



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