On April 14, the U.S. Treasury Department released its semiannual report on the currency exchange policies of major U.S. trading partners. The report found that no country's policies could be considered manipulative, but it kept China, Japan, Germany, Taiwan, South Korea and Switzerland on the list of countries to monitor. The findings are in stark contrast to President Donald Trump's campaign rhetoric on China, but they are in line with current economic thinking. It is not surprising that the report is similar to those released by the previous administration, given the Trump administration was clearly constrained by the law and by past practice. For example, the findings are based on the same criteria — bilateral trade balances, current account balances and currency intervention policies — used in previous reports to determine which countries should be monitored and so yielded many of the same results.